Binance suspends BSC after massive hack

The bitcoin market has once again been compromised. This time, hackers exploited the BNB Chain. As Binance CEO Changpeng Zhao (CZ) stated on Twitter, a cross-chain bridge and the BSC Token Hub were compromised.

The BSC Token Hub is used to support BNB Beacon Chain and Binance Smart Chain cross-chain transactions. As a consequence, the exploit led to the loss of more Binance Coins (BNB). All network validators have been requested to suspend Binance Smart Chain.

Although users are still concerned about the safety of their assets, CZ insisted that all monies were secure and that the public will be provided with further information in the future.

An exploit on the BSC Token Hub cross-chain bridge led to more BNB. We have requested that all validators cease BSC momentarily. The situation is now under control. Your money is secure. We regret any disruption and will offer updates as necessary.

Additionally, Binance verified on Reddit that between $100 million and $110 million in BNB Chain money were first transferred. However, after worrisome comments from security authorities and community members, Binance has verified the freezing of $7 million in cash.

The official Binance Twitter account also announced that the BNB chain would be temporarily paused while it undergoes maintenance.

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