Bridge Hacks are in Fashion in the Crypto Winter
2 million BNB tokens — about $570 million at current prices stolen
Long live Binance, the eluders of the law and national regulations.
Cryptocurrency exchange Binance temporarily suspended its blockchain network after hackers made off with around $570 million worth of its BNB token.
Another major DeFi bridge has been exploited, and Binance’s Ethereum-compatible blockchain is the target.
The vulnerability in the BSC Token Hub bridge allowed the attacker to forge messages, enabling them to mint new BNB tokens. Since the stolen tokens were not preexisting tokens taken from wallets, no user funds were impacted.
When our most powerful coins or cryptos or tokens are vulnerable like this, it’s hard to trust the Web3 movement as a whole, that is supposed to be more secure due to being on blockchain distributed ledger technology.
In a blog post on Friday, the BNB Chain team said that a total of 2 million BNB — worth approximately $568 million — were initially withdrawn by the hacker. But blockchain security company
SlowMist says the attacker only managed to take about $110 million because the majority of the stolen tokens, worth about $430 million, couldn’t be transferred following the suspension of the BNB Chain.
Covering Crypto is like looking into the lens of how easily entire generations can be scammed into thinking crypto is better than what it seeks to replace. I’m not buying it. Apparently less Millennials are as well.
Are we ready to say no to get rich schemes like Bitcoin or scammy debt schemes like Buy Now Pay Later? Time will tell, but I wouldn’t want to be American in my relationship to debt and consumerism.
The popularity of cryptocurrencies such as Bitcoin has plummeted in 2022, particularly among their most fervent supporters – millennial investors – according to a recent Bankrate survey. Americans of all ages have seen their comfort level with cryptocurrency sink sharply over the last year, as these digital currencies have plunged in value at a dizzying pace.
But these are pennies for Binance, it’s that big. Binance chief executive Changpeng Zhao said in a tweet that the company estimates the impact of the breach to be between $100 million and $110 million.
The Crypto Tycoons of FTX and Binance and Coinbase are coming. When even Silicon Valley elites are selling their souls for the crypto dance, you know the scam is real.
Long live the hype train, the one thing the Western internet is finally really good at besides advertising.