$100 Mln In Cryptocurrency Stolen In Binance Hack

According to PeckShield, the attackers gained access to 2 mln BNB coins, which is equivalent to $586 mln. However, they managed to withdraw only about $89.5 mln to other networks. Of these, 58% were withdrawn to Ethereum, 33% to FantomFDN and 4.5% to Arbitrum. Another part of the stolen funds was transferred to Polygon, Avalanche and Optimism.

The rest of the tokens and coins remained frozen in Binance Smart Chain (BSC) and it is likely that the exchange will be able to return them. According to Binance CEO Changpeng Zhao, the damage from the attack is estimated at $100 mln.

A vulnerability was discovered in the BSC Token Hub bridge’s proof-of-transaction verification algorithm, which allowed attackers to issue new tokens using simultaneous transactions. They managed to carry out only two such transactions, otherwise the damage could be more significant. Binance representatives thanked the community for the quick response and support.

Image: Binance

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