Binance Smart Chain halts after $100 million exploit, CZ says

Binance Good Chain paused on Thursday night just after detecting a “potential exploit.”

Binance CEO Changpeng “CZ” Zhao later verified the challenge on Twitter, saying, “An exploit on a cross-chain bridge, BSC Token Hub, resulted in added BNB.” The BSC Token Hub impacted is the cross-chain bridge amongst the BNB Beacon Chain and the BNB Chain, he added.

“The issue is contained now,” CZ wrote. “Your cash are risk-free.”

“This is an isolated issue on BSC,” a Binance representative told Fortune. The BSC Hub and BNB Chain groups didn’t promptly answer to requests for remark.

CZ also pointed to a Reddit submit with much more particulars of the exploit, which noted an preliminary estimate of funds stolen ranging from $100 million to $110 million, adding that an estimated $7 million had been frozen.

Cross-chain bridge hacks are exceptionally prevalent. Scenario in position: About $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks just this calendar year.

Several on crypto Twitter also pointed this out: “Bridges are the weakness.”

CZ stated on Twitter that there isn’t a rush to resume. “Let’s give the devs time to entirely understand the root cause, apply the fixes, test them carefully, and then resume,” he wrote. “Let’s not hurry it now.”

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