"Hacker Exploits Bug to Steal Millions from Binance Bridge"

After a hacker stole at least $100 million in cryptocurrency, the world's largest cryptocurrency exchange suspended trading on a smart contract blockchain. The hacker made $586 million from the Binance Smart Chain (BSC) attack. Binance CEO Changpeng "CZ" Zhao says the company has asked all validators to suspend BSC and is working to resolve the issue. To approve transactions, BSC employs a consensus mechanism that requires the participation of multiple validators. The BSC blockchain runs alongside the Binance Chain. The attacker discovered a vulnerability on the BSC Token Hub, a cross-chain bridge, by exploiting the smart contract blockchain's internal verification logic, allowing for a "huge reward claim," according to cybersecurity firm PeckShield. According to PeckShield, the total loss is $586 million, with $89.5 million of the stolen funds already removed from the BSC. This incident is the latest in a series of cross-chain bridge attacks. Chainalysis, a blockchain security company, estimates that $2 billion in cryptocurrency has been stolen from bridges this year. Bridge attacks accounted for 69 percent of total funds stolen in 2022 through July. Cross-chain bridges allow cryptocurrency assets and information to be transferred between independent blockchains. This article continues to discuss the theft of millions of dollars worth of cryptocurrency from Binance Bridge.

InfoRiskToday reports "Hacker Exploits Bug to Steal Millions from Binance Bridge"