A few days ago, Binance put a hold on transactions that took place on its platform due to some security threats. This threat came to light on the 6th of October 2022 after hackers made away with funds on the blockchain. The total sum of cryptocurrency the hackers made away with was worth over $100 million.
The exploit took place on the Binance Smart Chain (BSC) blockchain network. But, the company assures its users that the attack did not affect funds belonging to the public. The brief suspension of transactions on the Binance platform was to keep users’ funds secure.
So, where did the funds that the hackers got access to come from? Changpeng Zhao, the blockchain platform’s chief executive, explained as to the nature of the fraudulent activity. According to his explanation, the attack hit the BSC Token Hub bridge. Through this means the hacker was able to mint and move new Binance coins summing up to $100 million.
All funds affected in this fraudulent activity are sole “freshly minted” coins and not user funds. The blockchain platform was able to contain the attack by kicking the bad actor off the network and making certain security upgrades. So far, all things are back to normal on the blockchain platform and over $7 million worth of stolen funds have been frozen.
