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BNB Chain suspends network following $100M cross-chain bridge exploit

BNB Chain suspends network following $100M cross-chain bridge exploit thumbnail

Rumors of a significant exploit on the BNB Chain were confirmed by the blockchain’s team, with all deposits and withdrawals suspended on the network.

BNB Chain (BNB), the blockchain of crypto exchange Binance, was paused on Oct. 6 due to an exploit on its cross-chain bridge with attackers making off with an estimated $100 million worth of cryptocurrency.

The official Twitter account of the BNB Chain first announced the temporary pause due to “irregular activity” on the blockchain, but soon after added that it was due to a possible exploit. Binance provided an update that the blockchain was “under maintenance” suspending all deposits and withdrawals.

Rumors had earlier swirled on Twitter that the network had undergone a significant hack, with on-chain analytics showing alleged attackers exploiting roughly two million BNB, the chain’s native coin, a value of nearly $600 million.

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