Question 1

What Happened?

Accepted Answer

In response to a cyber attack on October 4, 2022, which resulted in the theft of about two million BNB (Binance Coin) tokens, exchangeable for over $570 million, at the moment of article writing. In order to conduct an investigation, Binance paused the BNB Smart Chain on October 6th, 2022, after acknowledging a security incident. Later that day, the CEO of Binance disclosed that an exploit was used in the BSC Token Hub to send BNB to the attacker, after which Binance had asked all validators to suspend the Binance Smart Chain, as well as that the issue is contained at the moment and that customers funds are safe.

Question 2

What Was The Impact?

Accepted Answer

Initial estimates put the amount of money removed from the Binance Smart Chain at $100M and $110M. However, an estimated $7M was quickly frozen owing to the community, internal teams at Binance, and outside security partners. The breach allowed hackers to get away with approximately $570 million in digital assets,

Question 3

Who Is Responsible?

Accepted Answer

The attacker, now known as the “BNB bridge exploiter,” appears to have registered as a relayer for the BSC Token Hub bridge as the initial step in the attack so they could set up for the exploit. The BSC Token Hub bridge was able to accept forged proof messages created by the attacker.

Question 4

What Is Binance's Response?

Accepted Answer

Binance plans to hold on-chain governance votes to decide whether to Offer a 10% bounty for finding the hacker and returning the funds, Set up a bug bounty program to award $1 million to those who report serious bugs, Freeze the hacked funds, or use BNB auto-burn to restore the remaining hacked funds.

$570M Binance Hack: What Happened & Who Is Responsible?

Contents

Summary Of The Attack

$570M Binance Hack: What Happened & Who Is Responsible?

Contents

Summary Of The Attack

Stay Up-To-Date On The Latest Attacks

You're on the list! Just one more step...