Had Hacker Hacked, Binance Make Sure All User Funds Are Safe

Diversion of cryptocurrencies, Binance became a victim of hacking (Photo: Unsplash)

JAKARTA - Cryptocurrency exchange Binance temporarily suspended its blockchain platform after a hacker took a Binance Coin (BNB) token worth US$570 million (Rp 8.7 trillion).

Binance informed on Thursday, October 6 via its official blog that there was an exploit affecting cross-chain bridges to move BNB cryptocurrencies.

According to Binance, the hacker managed to break into the Binance system dubbed the Binance Smart Chain (BNB Chain), which is likened to a "bridge" link between the Binance platform and other crypto platforms.

This cross-chain bridge is referred to as a tool that allows transferring tokens from one blockchain to another.

"Exploitation on cross-chain bridges, BSC Hub Tokens, generates additional BNB. We have asked all validators to temporarily suspend BSC," Binance CEO Changpeng Zhao said on Twitter.

An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.

— CZ 🔶 Binance (@cz_binance) October 6, 2022

Zhao menjelaskan bahwa BSC Token Hub adalah jembatan antara BNB banyak Chain (BEP2) dan BNB Chain (BEP20 atau BSC).

Not long after, Zhao again stated that the problem had now been resolved.

"Your funds are safe. Thanks to the help of all security experts, projects, and validators, most of the funds remain under control," he continued.

Although it has been completed, Zhao mentioned the impact of the hack, which is currently estimated at 100 million US dollars (Rp 1.5 trillion) from the burning of the last BNB.

Binance also said that it managed to freeze 7 million US dollars (Rp 1.05 trillion) with the help of its community and security partners.

"We are honored with the speed and cooperation of the community to freeze funds," concluded the company.