Market Analysis

BNB Chain Halted After Suspected Hack, $536M Compromised

bnb-chain-halted-after-suspected-hack,-$536m-compromised

A wallet worth over $536 million started acting erratically, prompting the BNB Chain to halt completely.

Key Takeaways

  • A $536 million BNB whale started acting erratically today.
  • The wallet started swapping and borrowing tokens across multiple ecosystems at a rapid pace, leading onlookers to believe it had been hacked.
  • BNB Chain halted its blockchain due to “irregular activity.”

BNB Chain has been halted after one of the biggest BNB holders started displaying erratic on-chain behavior, suggesting a hack.

BNB Whale Compromised

A BNB whale appears to have been hacked.

On-chain data suggests a large holder of BNB was hacked. At around 17:30 UTC the wallet began withdrawing sizeable sums of coins it had staked from various blockchain ecosystems. It subsequently started swapping and borrowing tokens from a multitude of different protocols in a very rapid fashion. At the time of writing, the wallet controls over $536,930,715 in various assets.

The erratic nature of the wallet’s on-chain activity suggests it may have been compromised. Stablecoin issuer Tether has also already stepped in to blacklist the address, preventing it from sending USDT to new wallets.

At time of writing, the wallet owned 1,020,094.7687 BNB (about $287,870,744), 33,772 in ETH and wETH (about $45,696,989), and approximately $63 million in stablecoins including USDT, BUSD, USDC, and fUSDT. The wallet also has over $127.7 million in assets locked across lending protocols Venus, Geist, and Trader Joe.

The BNB Chain’s official Twitter account indicated the chain would be halted due to “irregular activity.” 

This is a developing story.

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

$120M Lost in BadgerDAO DeFi Hack

BadgerDAO, a DeFi protocol for earning yield with tokenized Bitcoin on Ethereum, has fallen victim to an attack. The hacker reportedly added a malicious script to the protocol’s frontend website,…

$190M Stolen From Nomad Bridge in “Frenzied Free-for-All” Hack

Thieves rushed to drain the bridge once news of the exploit surfaced. Unlike most other crypto hacks, stealing funds did not require in-depth programming knowledge.  $190M Lost in Nomad Attack …

$26M in Bitcoin From the 2016 Bitfinex Hack on the Move

2,470 Bitcoin from the 2016 Bitfinex hack, where a total of 120,000 BTC was stolen, just moved to new addresses. The hackers responsible for the 2016 Bitfinex hack moved 2,470 Bitcoin…

Click here for the the original source (post)