Binance Chain Hacked
The target of hackers this time was Binance Chain. It has been reported that $ 100 million worth of BNB was stolen after the cyber attack by hackers who attacked the BSC Token Hub on the Binance Chain network.
This security exploit took place on the BSC Token Hub, which acts as a bridge between the BNB token chain and the BNB main chain. After the attack, Binance CEO Changpeng Zhao stated that the situation was brought under control by quickly suspending the Binance Smart Chain network, and said that users’ assets are safe and all stolen funds will be compensated. Announcing that 100 to 110 million dollars worth of BNB was stolen, according to the first statements, Binance security team announced that 7 million dollars were recovered from the stolen funds.
Binance Network Activated
BNB Chain, which was suspended for security purposes last night, was activated this morning. Network activation efforts were initiated by asking all validators to temporarily suspend the BSC. Later, it was announced that the attack was under control and the funds were safe. After all these developments, an update call came from Binance to the nodes. BNB Chain requested BSC validators to contact them so that node upgrades can be scheduled this morning. After the announcement made later, the Binance team, which continues to work with salt, announced that the BNB network is running smoothly.
How Did the Attack Occur?
The attacker first activates as a transponder at around 19:55 yesterday evening. Using the same block for 2 years, the hacker confirms the merkle proof that he initiated a large deposit on one of the extremely old blocks. It is not yet known how Merkle confirmed his evidence. One of the most critical parts of the attack is that the attacker convinced the network to send 1 million BNB to Bridge twice. Looking at the research reports, it turns out that there is a bug on Binance Bridge that could allow the attacker to generate random messages. According to Samczsun, the crypto researcher who studied the attack, there is a good chance that this attack only sent two messages. Otherwise, the damage could have been much greater.
How Was BNB Price Affected by the Attack?
After the announcement of the hack attack, the BNB Price was naturally also negatively affected. BNB, which has shown a positive movement since September 22, and has risen to the $ 300 limit, saw sales over 4% after the attack and fell below $ 280. BNB was not the only cryptocurrency that experienced a decline in price after the hack. After the panic created by the attack, decreases were also observed in crypto assets such as Bitcoin and Ethereum.
BNB Price Analysis
When we look at the support and resistance points for BNB, which has lost its price after the attack, we see that the first support level is at the level of 278 dollars. In case of further depreciation, the $270 and $256 levels will appear as support. If BNB price recovers, the resistance levels it will face are $290, $300 and $316, respectively.
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