BNB Chain Exploited Of 2M BNB

There's certainly no certainty of security whatsoever when in the digital world, there's been series of exploits taking place over time and Binance was the last I ever thought I ever hear about and apparently, it has explored and exploited hard. In the late hours of yesterday there was a halt of activities on Binance smart chain that cost millions of dollars. The level of bad blood filled in cryptocurrency is beyond explanation the main thing is to always security importantly and stay SAFU.
Binance shared on twitter that BNB chain has been suspended deposit and withdrawal activities but didn't say much about the reason for the pause.

Source

Not blabbing much, the exploit on BNB chain was carried out by exploiting a bug in the Binance bridge in which the hacker forged arbitrary messages that verifies proof. The hacker was able to verify IAVL tree which involves two operations, "iavl:v" operation and "multistore" operation and that was all that had to be done to take it down, costing Binance over half a billion dollars.

The hacker seem to know what he was doing because this is so big that anyone wouldn't have expected it to go down but that's the deal no one can tell what really can happen when it really does happen. For me, this is coordinated attack on the chain to show the vulnerability that exist as this would have been an impossible task that would rattle anyone before they set on to carry out your exploit on the biggest chain known and used worldwide. The good news is that all things are being set straight and BNB chain is back live with all transactions back online. The chain just had to shut down all operations to get what went down and be able to stop what could be stopped tracing what's irregular. Apparently, $200M was transferred to Venus protocol that revealed what was going on in which the hacker convinced the bridge to send 1 million BNB twice.

I'd say this hacker has the balls to go for the biggest place which has all the money but it was just a hack that would have been caught sooner and not later which was accomplished.

Posted Using LeoFinance ^Beta