Miguel Cordon · · 1 min readBinance pauses blockchain to investigate potential $110m exploit
Binance has paused activity on the Binance Smart Chain (BSC), the blockchain that helps facilitate transactions on the exchange, to investigate an exploit.
Photo credit: Grey82 / Shutterstock
In an official tweet, the company said that all systems are contained, with teams now focused on looking into the vulnerability.
Impact of the exploit was estimated to be worth around US$100 million to US$110 million. However, Binance said about US$7 million of the amount had already been frozen as of 7:30 a.m., with the help of its internal and external security partners as well as the community around the exchange.
The crypto firm’s native token, BNB, dropped to as low US$280.04 from the US$293 price it was hovering around earlier today.
Founder and CEO Changpeng Zhao noted that the exploit took advantage of BSC Token Hub – the bridge between BNB Beacon Chain and BNB Chain.
Binance is planning to roll out a node upgrade, but it has not revealed a date for the patch yet. It is currently working with BSC validators to find the root cause of the exploit.
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Editing by Lorenzo Kyle Subido
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