The BNB Chain, the native blockchain for the crypto exchange Binance, is operational again after a cross-chain hack caused a brief suspension of activity. According to an update from the network on Oct. 7, rumors of a cross-chain exploit have been confirmed and activity has resumed.
The blockchain community is confirming its status and upgrading infrastructure following a hack that may have compromised up to $100 million worth of cryptocurrency. Node runners are updating their versions in order to stop hacker accounts, and the community is working together to resolve the issue.
Hours after the situation began, the network announced that they believed $70-80 million had been exploited with around $7 frozen. The beginning of hack started on the BSC Token Hub, which resulted in “extra BNB,” as stated in an official post on Reddit. Internet users who are detectives actively looked into the issue and stolen funds, with some estimating that the hacker has $400 million frozen on the BNB Chain network.
A few weeks ago, BNB Chain launched a community-powered security initiative to secure users on its network. The AvengerDAO serves to fight against scams, malicious actors, and potential exploits. However, there was no mention of the AvengerDAO in relation to the recent incident on the network. Tether also announced that it had blacklisted the hacker’s wallet address.