Was Binance Smart Chain Hacked? In the following article, you will find Changpeng Zhao’s exact words about the incident. Everyone else’s opinions, however, are on the chain stop. Most people are unaware of what Bitcoinist told you a year ago: the Binance Smart Chain is centralized and advertised as such. It’s no secret. It is the main feature of this blockchain.
In any case, this story is fresh. There are still many questions about this afternoon’s event. However, Changpeng Zhao has been open about the whole situation and informed the public via Twitter. Let’s start there and then move on to the praise and criticism. Once again, we have to divide it into altcoiners and bitcoiners. It is the most effective way to present the often contrasting opinions.
CZ Explains Binance Smart Chain Exploitation
- While Binance’s internal communications downplayed the incident by calling it “irregular activity” or asserting that the string is “under maintenance”, Changpeng Zhao was open about exploiting Binance Smart Chain. Or, more specifically, “an exploit on a cross-chain bridge, BSC Token Hub, resulted in additional BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe “.
An exploit on a cross-chain bridge, BSC Token Hub, resulted in additional BNB. We have asked all validators to temporarily suspend the BSC. Topic is now contained. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.
— CZ 🔶 Binance (@cz_binance) October 6, 2022
- Later, CZ humbly boasted and gave full credit to the Binance Smart Chain team. “When I woke up at 3 in the morning, the validator community had already stopped. I just made the tweet. The community and the team did all the work.”
The current impact estimate is about $100 million equivalent, about a quarter of the last BNB burn.
— CZ 🔶 Binance (@cz_binance) October 7, 2022
- And even later, Binance’s CEO downplayed the incident. lol “The current impact estimate is about $100 million equivalent, roughly a quarter of the last BNB burn,” CZ wrote.
Full transparency, I was asleep (yes, I sleep). When I was woken up at 3 in the morning, the validator community had already stopped. I just made the tweet. The community and the team did all the work. 🙏 https://t.co/m4PQ3tMIZB
— CZ 🔶 Binance (@cz_binance) October 7, 2022
So there was an exploit, but the situation was resolved. the company recently tweeted “Binance Smart Chain is back online. We have now resumed Binance Smart Chain deposits and withdrawals on Binance.” The success the company had was not as bad as some people thought at first. Was it because they quickly stopped the whole Binance smart chain? Maybe, but that’s the criticism the company received. About its power to stop the chain.
Well, let’s get to it, let’s start with… actually, it’s mostly reviews.
BNB price chart on FTX | Source: BNB/USD on TradingView.com
Altcoiners React to Binance Smart Chain Exploitation
- Cake DeFi’s Julian Hosp was CZ’s only knight in shining armor. The man went to bat for Binance’s smart chain and took the opportunity to criticize bitcoin in the process. “Critics will focus on how BSC is centralized around CZ. You want full decentralization?! Buy bitcoins. Hi there. You can’t do anything else with it. You want to use dapps? Use other blockchains.”
Critics will focus on how the BSC is centralized @cz_binance. Do you want full decentralization?! buy #bitcoin. hello there There is nothing else you can do about it. Want to use dapps? Use other blockchains. Everything has advantages and disadvantages! Pick and choose!! ❤️💪🏻🔥
— Dr. Julian Hosp (@julianhosp) October 7, 2022
- Benjamin Cowen of Into The Cryptoverse went with a one-liner and criticized Solana in the process. “Call me crazy, but I prefer chains that aren’t paused,” he wrote.
Call me crazy, but I prefer chains that don’t pause
— Benjamin Cowen (@intocryptoverse) October 6, 2022
- With the same idea, a pseudonymous Twitter user created a meme with the classic template inspired by The Ballad of Buster Scruggs.
down but not out pic.twitter.com/cLKuzDW2nq
— backbooked (@backbooked) October 6, 2022
- Cobie from Up Only reminded us of a classic and beautifully produced video.
https://t.co/glFEyBoOHU
— Cobie (@cobie) October 6, 2022
Bitcoiners take it seriously
- Security expert Jameson Lopp teased the variety of validators on Binance Smart Chain. They are all Changpeng Zhao, do you understand?
Need a chain stop? OK!https://t.co/HPN7OJKIEw pic.twitter.com/tylPhR8kVQ
— Jameson Lopp (@lopp) October 6, 2022
- Nunchuk’s Hugo Nguyen denounced the centralization of Binance Smart Chain. “Theater of absolute decentralization. Decentralization and on-demand shutdown of the entire network literally could not be more opposite to each other,” he wrote. And Hugo is absolutely right. However, the Binance Smart Chain is not decentralized Absolutely not. It is known
Theater of absolute decentralization.
Decentralization and on-demand shutdown of the entire network could literally not be more opposite to each other.
Ethereum DAO, Solana, Ronin Bridge, BSC. It won’t stop. When will people wake up? https://t.co/2uEXSILEEw
— Hugo Nguyen (@hugohanoi) October 7, 2022
- NickH from Luxor pointed out a possible side effect that would affect another beloved blockchain. “The coins have already been changed to $ETH Now we will find out how decentralized Ethereum really is after the merger,” he initially noted. However, he later got the official numbers and withdrew his bet. “The attackers only got out about 10-15% before things started freezing, so there’s little chance of going back in my opinion.”
UPDATE: Attackers only got out about 10-15% before things started freezing, so there’s little chance of going back.
Just your standard Defi hack, everyone follows, nothing to see here https://t.co/Ar5YqZP3eD
— NickH 🛡️ (@hash_bender) October 7, 2022
And this is what Twitterati wrote about Binance Smart Chain shutdown.
Featured Image | Charts by TradingView
