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In yet another incident of crypto exploit, the news of Binance Bridge Hack broke few hours after the incident took place early on Friday. The BINANCE smart chain (BSC) network was temporarily suspended after an exploit was found on on a cross-chain bridge, the BSC Token Hub. The exploit, which according to the BSC team is not contained, resulted in extra BNB. BSC said an estimated $100 million to $110 million were initially understood to be taken off the chain. However, an estimated $7M has already been frozen, it added.
Community response to Binance Hack
Irrespective of the financial loss and break in operations, the community is reacting positively to the way the team handled the issue. Crypto King, a social media influencer, commended the team’s quick response to the hack incident. “The way Binance and CZ handled this hack should be ‘standard.’ Transparent and communicative, openly willing to take the financial loss, what more do u want from a team?”
Martin Triay, a crypto enthusiast, also appreciated the team’s response. He tweeted, “Binance‘s emergency response may be much more relevant than the attack itself.”
NFT minting halted
Binance announces temporary halting of NFT minting, deposits and withdrawals on the BSC Network. The halt would continue until further updates.
CZ first Response
Following the Binance bridge hack, the CEO of Binance CZ confirmed the incident saying the issue was already contained. He added that all users funds were safe. “The current impact estimate is around $100 million equivalent, about a quarter of the last BNB burn.”
