BSC Token Hub has lost over $500 million in BSC exploit

BSC Token Hub has lost over $500 million in BSC exploit

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by dapp_writer005

4 years ago

The BNB Chain exchange has announced a shutdown after the BSC Token Hub hack. Hackers carried out an attack during which they stole over $500 million. The scammers managed to withdraw only 20% of the amount. Thanks to the prompt action of the community and operators, $7 million was immediately frozen.

BSC Token Hub — an inter-network bridge for transferring BEP-2 and BEP-20 tokens.

Binance CEO Changpeng Zhao believes that the attackers used an exploit that compromised the security system. Now, the problem is solved and users do not have to worry about their assets.

According to DeBank, the funds, withdrawn by the hackers, went to Ethereum, Fantom, Arbitrum wallets, as well as Polygon, Avalanche and Optimism. 80% of funds are held in BNB Chain wallets and are non-withdrawable.

BSC Token Hub lost over $500 million as a result of exploit - news

According to a business analyst from Paradigm, the BSC Token Hub vulnerability led to the fact that fraudsters carried out a double-spending attack.

Nowadays, the number of hacks is increasing and hackers are using new attack methods to profit. For example, a month ago, market maker Wintermute lost assets worth $160 million.

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