The tweet on the microblogging site said, “Due to irregular activity we’re temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here. Thank you for your patience and understanding.”
Binance Coin hack and decentralization
The suspected exploit of BNB has again raised the subject of centralized finance versus decentralized finance.
The price of BNB has fallen 3.7% as the news of the exploit broke today.
The exact type of theft is currently uncertain. However, the rumor mill is working overtime on Twitter. Many enthusiasts are crediting the hack to an “inside job” and say that the BNB was stolen from a smart contract.
Binance have tried to quell fears by saying, “To confirm, we have suspended BSC after having determined a potential exploit. All systems are now contained, and we are immediately investigating the potential vulnerability. We know the Community will assist and help freeze any transfers. All funds are safe.”
On-chain data highlights two withdrawals of 1 million BSC tokens. It seems that the attacker grabbed the crypto assets via cross-chains swaps, bridges, and borrows.
The decentralization vs centralization argument rages on.
This is a developing story and will be updated.
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