Hackers Stole $566 Million Worth of Cryptocurrency from Binance Bridge

According to a recent news report, 2 million Binance Coins (BNB) were stolen from Binance Bridge. The stolen amount is valued at $566 million. The attack began at 14:30 and involved two transactions to the attacker's wallet, each containing 1,000,000 BNB. The attacker quickly began distributing some of the funds to his various pools and attempted to transfer the BNB to other assets.

Binance recognized the security incident at 18:19 and the CEO of Binance announced that the attack was carried out using an exploit on the BSC Token Hub and temporarily suspended all validators on Binance Smart Chain. The majority of the stolen funds remained on BNB Smart Chain and the attacker's access was blocked. However, Binance estimates that between $70 and $80 million in funds were taken off-chain.

Binance apologized to the community for the attack and thanked partners and validators for their quick response. It was confirmed that the attack was carried out using an exploit on the BSC Token Hub and that a total of 2 million BNB was stolen. According to Binance's official statement, "There was an exploit that affected the natural cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC)."

Attackers look for the highest probability of success and the path of least resistance to compromise systems. This is often done by targeting human behavior through email attachments or URLs. While vulnerabilities are often fixed with software updates, keeping all applications up to date is a challenge for modern businesses. Complex BYOD (bring-your-own-device) environments are commonplace, and attackers are targeting software vendors and launching supply chain attacks.

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