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$600mil Binance hack leads to BSC pause

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The "temporary" suspension is due to "irregular behaviour" and a "possible exploit," according to BNB Chain on Twitter. The team stated that all systems are now isolated, and they are examining the possible vulnerability promptly. It also asserted that all monies are secure. They had also halted all BNB deposits and withdrawals on the exchange due to "maintenance" on the Chain.

However, Twitter user and DeFi creator "foobar" had a different take on the matter. He said an attacker took 2 million BNB from "someone" on the network, which is worth around $600 million.

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Evidence of Binance hack

Foobar continued by saying that the attacker is dumping money into liquidity pools and using any bridge to go to safer chains. A snapshot from a block explorer showed the suspect had $532 million in crypto scattered over several EVM-compatible chains and L2s, according to the user. These include $421,000,000 on the BNB (79%) and another $53 million on Ethereum (10%).

The address's total assets are $421 million, matching the foobar snapshot. Which is supported by BNB data, which shows precisely 1,020,094 BNB parked at the same spot, valued at $288 million.

According to the explorer, the address was previously detected as part of the "BSC bridge attack," as revealed by the Web 3 cybersecurity organisation Ancilia. Tether, the creator of the world's largest stablecoin, has already blocked the account.

Can funds be recovered from the Binance hack?

BNB had recently verified that about $70 to $80 million in assets vanished from the platform before being suspended. Another $7 million of the escaped monies became blocked due to "the community" and Binance's "internal and external security partners."

The business also acknowledged several organisations for their assistance, including CertiK, Ankr, and Coinbase Cloud.

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Author: Emmanuel Baiden

Author: Emmanuel Baiden

7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.

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