![]() ![]() However, thanks to the community and our internal and external security partners, an estimated $7M has already been frozen Initial estimates for funds taken off BSC are between $70M - $80M. When it worked, the hacker used the same exploit to have another 1 million BNB tokens sent to an address they controlled. The ultimate total value involved in the hack has yet to be determined, and currently varies based on how to account for the value of frozen versus transferred tokens.īNB Chain assured the community that "all funds are safe." The BNB tokens were not pre-existing tokens stolen from wallets, but instead wholly created by the attacker.Īccording to Sam Sun, a researcher at Paradigm, the hacker somehow convinced the Binance Bridge to send out 1 million BNB tokens. This hack had the potential to be "either the first or second biggest hack of all time," told Decrypt via direct message, though the real impact will be significantly less given the mitigation efforts undertaken by the community. "The attacker is spewing funds across liquidity pools and utilizing every bridge they can to get to safer chains," blockchain developer tweeted, adding that there was "complete chaos on the chain." The hacker is now trying to spread the funds to every network to launder the funds. These concepts combine decentralized finance with gaming and social networking, and therefore, we may see some exciting new projects and features offered by the BNB Chain shortly.Over half a BILLION dollars worth of $BNB was recently hacked. The BNB Chain will also be embracing both GameFi and SocialFi in its future developments. Binance itself has stated that the BNB Chain community will now "aim to build the infrastructure that powers the world's parallel virtual economy." This will be done using the concept of "MetaFi," which combines metadata and decentralized finance. The hype around Web3 and the metaverse also plays a role in this change. Binance Professional: What's the Difference?īinance has also listed several other benefits that come with this rebrand, including boosting the throughput of the BNB Smart Chain, introducing on-chain governance mechanisms, and scaling from one to multiple chains. On top of the name changes, the number of validators will almost double, from 21 to 41, with the additional 20 validators acting as candidate block producers. In Binance's announcement about this change, the company made further comments on its native token, stating that: In fact, Binance is now stating that its native token now stands for "Build and Build," too, so it is no longer "Binance Coin." Related: What Is Binance and Are Your Crypto Holdings Safe There? While Binance states this stands for "Build and Build" and isn't short for Binance Coin, it is very convenient, in any case, that the name reminds you of its native token. But Binance wants to build a stronger association between its blockchains and its native token and draw more of a focus on decentralization.īecause of this, the company decided to rebrand the Binance Chain and Binance Smart Chain as the BNB Chain. ![]() ![]() You've probably heard of this crypto, as it has been sitting comfortably with the likes of Ethereum and Tether as one of the most popular coins for a while. Like many other decentralized projects, Binance has its native crypto token, Binance Coin (or BNB).
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