Binance CEO Announces: Vulnerability Found in That Altcoin!

Binance CEO Changpeng “CZ” Zhao thanked crypto venture capital firm Jump Crypto for reporting a bug in BNB Chain and commended the security team.

Jump Crypto pre-detected vulnerability in Binance network

Binance CEO CZ thanked the Jump Crypto team for finding a vulnerability in the Binance network and quickly communicating it. CZ was responding to V’s tweet from the BNB Chain attachment. The developer said that the Jump Crypto security team notified Binance of a serious vulnerability in the Blockchain network. According to V, the Blockchain security team was dedicated and professional in handling the situation.

CZ tweeted to the Jump Crypto supplement, “Thank you to the Jump Crypto team for reporting this bug. They have a great security team. I really appreciate it.”

Vulnerability detected in BNB Chain

Jump Crypto released a report on the incident on February 10. The firm said that this is part of efforts to improve security assurance in the crypto market. He added that it is investigating several networks to discover and fix vulnerabilities through coordinated disclosure.

These research efforts led to the discovery of a number of typos on BNB Chain. The technical nature of BNB Chain has made these vulnerabilities difficult to discover, as it combines an EVM-compatible smart chain and a Beacon Chain.

“The issue could have been allowing an attacker to mint an infinite number of random tokens on BNB Chain, potentially leading to a massive loss of funds,” Jump Crypto said. Binance CEO CZ confirmed that the issue has been taken care of to ensure that any overflow in the BNB calculation would cause the transaction to fail. The discovery underscores the importance of collaboration in the crypto space.

Malicious players on alert

While Jump Crypto managed to protect against exploitation of BNB Chain’s vulnerability, malicious actors stole around $4 billion in different crypto hacks in 2022. The same scenario has been played out this year as various crypto projects have been subjected to various attacks and exploits.

Meanwhile, it’s worth noting that this isn’t the first time BNB Chain has been subject to a security breach. In October 2022, a hacker was able to send 1 million BNB twice. But validators were only able to move $100 million in funds before shutting down the network.

BNB Chain validators reacted quickly to the hack. Thus, they were able to prevent a theft of $556 million. The hacker was able to falsify transactions on the BNB bridge, which could lead to more significant losses. As Kriptokoin.com, we have included the Binance hacking attack that took place in October last year in this article.