It has been a rough year for cryptocurrencies, and things aren't looking any better after over half a billion dollars of them were stolen from a company.
The BNB Chain is a cross-chain bridge that allows for the transfer of token between two relatedBlockchains. The attacker was able to forge transactions that enabled them to withdraw two million BNB token from the bridge.
The funds estimated at around $87 million were removed from the BNBecosystem entirely, but the remaining funds could not be immediately transferred because BNB Chain took the drastic step of stopping the block chain entirely.
An exploit on a cross-chain bridge resulted in extra BNB. All validators have been asked to temporarily stop working.
As of the early hours of Friday morning, the BNB Chain account said that theBlockchain was back to normal. The BNB Chain team apologized for the exploit and said that the project would hold a series of governance votes to decide if a bounty should be offered for catching the hackers.
There have been a number of attacks on cross-chain bridges. The details of the postmortem and lessons learned will be made public.
In recent years, cross-chain bridges have become the most common site of ultra-high value hacks due to the fact that they store large amounts ofcryptocurrencies at any given time. The earlier era of the industry was characterized by frequent attacks on exchanges and a hacker would need to break multiple layers of security to steal funds. It is possible to make off with a nine-figure sum by forging one valid transaction.
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