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Binance Sensible Chain halts after $100 million exploit, CZ says

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Binance Sensible Chain paused on Thursday night after detecting a “potential exploit.”

Binance CEO Changpeng “CZ” Zhao later confirmed the issue on Twitter, saying, “An exploit on a cross-chain bridge, BSC Token Hub, resulted in further BNB.” The BSC Token Hub impacted is the cross-chain bridge between the BNB Beacon Chain and the BNB Chain, he added.

“The problem is contained now,” CZ wrote. “Your funds are protected.”

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“That is an remoted problem on BSC,” a Binance consultant instructed Fortune. The BSC Hub and BNB Chain groups didn’t instantly reply to requests for remark.

CZ additionally pointed to a Reddit put up with extra particulars of the exploit, which famous an preliminary estimate of funds stolen starting from $100 million to $110 million, including that an estimated $7 million had been frozen.

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Cross-chain bridge hacks are extraordinarily widespread. Working example: About $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks simply this yr.

Many on crypto Twitter additionally pointed this out: “Bridges are the weak spot.”

CZ said on Twitter that there isn’t a rush to renew. “Let’s give the devs time to completely perceive the foundation trigger, implement the fixes, take a look at them completely, after which resume,” he wrote. “Let’s not rush it now.”

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