The crypto token BnB is down 4% lower against the U.S. dollar during the last 24 hours following an alleged cross-chain bridge attack that saw around 200 million BnB worth $600 million siphoned. Reports further noted that Tether blacklisted the account and it pushed Binance to pause the entire chain.
Through the official BnB Smart Chain Twitter account, the team announced the chain pause saying, “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.”
The BnB Smart Chain team added,
“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. We want to thank all node service providers for their quick and attentive response.”
BnB Smart Chain’s team later explained on Reddit that the estimate for the exploit loss is around $100 to $110 million.
Reddit post explained, “Initial estimates for funds taken off BSC are between $100M – $110M. However, thanks to the community and our internal and external security partners, an estimated $7M has already been frozen.”
However, some Redditors questioned the veracity of the numbers stemming from the BnB Smart Chain exploit. In addition, Reddit’s announcements, and others criticized the BnB chain’s decentralization.