The researcher said that the damage could have been much worse.
The researcher said that the damage could have been much worse.
The BNB Chain was temporarily paused after an exploit on its cross-chain bridge. The current impact estimate is around $100 million and $110 million equivalent of cryptocurrency. This is a major setback for the BNB Chain project, and highlights the need for improved security measures for cryptocurrency exchanges and other platforms. We will continue to monitor the situation and update our readers as more information becomes available.
The BNB Chain hack was a sophisticated operation that targeted the exchange's hot wallet. The attackers were able to gain access to the private keys that control the hot wallet, allowing them to withdraw funds. The hack was discovered quickly and the BNB Chain team was able to take action to prevent any further loss of funds.
The Exploit: A New Way to Hack
It is still unclear how the attacker was able to convince the Binance Bridge to send out 1 million BNB to their address. However, researcher Sam Sun has noticed that the attacker always used the same height – 110217401 – for their transactions. This is in contrast to legitimate withdrawals, which use much bigger heights, such as 270822321.
This is a serious issue - an attacker has found a way to forge proofs for blocks, which could potentially allow them to carry out fraudulent transactions. This could have a big impact on the security of the blockchain and needs to be addressed urgently.
The Binance Bridge is a powerful tool that can be used to verify IAVL trees. However, a recent attack has exploit a bug that allows attackers to forge arbitrary messages. This is a serious issue that needs to be addressed as soon as possible.
The researcher's claim that the damage from the attacker's forged messages could have been far worse highlights the need for better security measures to protect against such attacks.
The Same Dilemma: Why Can't We Just Get Along?
Binance CEO Changpeng Zhao confirmed the exploit after the validators were asked to temporarily suspend BSC and revealed that the issue had been contained. He stated that the exploit had been identified and fixed, and that the network would be up and running again shortly. He reassured users that their funds were safe and that no user information had been compromised.
“Initial estimates for funds taken off BSC are between $100M – $110M. However, thanks to the community and our internal and external security partners, an estimated $7M has already been frozen. We are humbled by the speed and collaboration from the community to freeze funds.”
The latest BNB Chain exploit was a major setback for the community, but Binance was able to take quick and decisive action to control the damage. However, this event has once again raised questions about the decentralization of the BNB Chain. Bartek Kiepuszewski, MakerDAO's blockchain architect, expressed a similar sentiment in his tweet regarding the same. It is clear that the community is still divided on this issue, but it is also clear that Binance is committed to keeping the BNB Chain safe and secure.
“do we want a simple bridge but with trusted validators that can censor, freeze or seize funds or do we want trustless but significantly more complicated infrastructure?”
It's clear that the BNB hack was a sophisticated and well-planned operation. The fact that the hackers were able to gain access to the exchange's private keys is a serious security breach that has raised serious questions about the safety of digital assets stored on exchanges.
