Hackers reportedly stole 2 million Binance Coins (BNB), worth $566 million, from the Binance Bridge.
Shortly after, the hacker started spreading some of the funds across a variety of liquidity pools, attempting to shift the BNB into other assets.
Binance acknowledged the security incident at 6:19 p.m. EST and suspended the BNB smart chain while they investigate the incident.
At 7:51 PM EST, Binance CEO tweeted that an exploit was used in the BSC Token Hub to transfer BNB to the attacker and they instructed all validators to suspend the Binance Smart Chain.
“An exploit on a cross-chain bridge, BSC Token Hub, resulted in additional BNB”, tweeted Changpeng Zhao, CEO of Binance.
“We have asked all validators to temporarily suspend the BSC. The issue is now under control. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.”
While the majority of the stolen funds remain on the BNB smart chain and are now inaccessible to the hacker, Binance estimates that between $70-80 million was taken from the chain.
Together with partners in the cryptocurrency community, $7 million of these off-chain assets have already been frozen.
This is a developing story.