The crypto industry has had a rough year, with roughly $2 trillion in value being erased since the peak of a blistering rally from 2020 to 2021.
#Binance smart chain bridge series
It is the latest in a series of major hacks targeting cross-chain bridges, with instances of sloppy engineering making them a prime target for cybercriminals.Ī total of around $1.4 billion has been lost to breaches on cross-chain bridges since the start of 2022, according to data from blockchain analytics firm Chainalysis. Like other blockchains, it features a native token, called BNB, that can be traded or used in games and other applications. That meant that most of the funds remained in the exploiter's crypto wallet, while about $100 million was "unrecovered."īNB Chain has 26 active validators at present and 44 in total in different time zones, the spokesperson added.īNB Chain, originally known as Binance Chain, was first developed by Binance in 2019. The company also said it managed to freeze $7 million of funds with the help of its security partners.Ī Binance spokesperson told CNBC the company coordinated with BNB Chain validators to enact an upgrade. The value of BNB sank more than 3% Friday morning to $285.36 a coin, according to CoinMarketCap data.Īn earlier estimate from the company placed the total amount withdrawn in a range of $100 million to $110 million. "Ultimately, the Bridge was tricked into giving funds from that contract." "As with many bridge designs, there is one central point that holds most of the funds that are moving through the bridge," Adrian Hetman, tech lead of the triaging team at Immunefi, told CNBC.
#Binance smart chain bridge code
Smart contracts are pieces of code on the blockchain that allow agreements to execute automatically without human intervention. The hack was caused by a bug in the bridge's smart contract that allowed hackers to forge transactions and send money back to their crypto wallet, according to crypto security firm Immunefi. In total, hackers drained 2 million BNB tokens - about $570 million at current prices - from the network, Binance's BNB Chain said in a blog post on Friday. On the Ethereum network, you can see a lot of NFT's and tokens assets, which can be traded only with cheap fees. With OpenBiSea bridge, you can convert your Ethereum assets (ERC20, ERC711, ERC1155) to Binance smart chain and get back with 100 proof of value. Personal Loans for 670 Credit Score or Lower What is OpenBiSea Ethereum-Binance Smart chain bridge. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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