Cybercriminals have allegedly stolen roughly two million Binance coins valued at $570 million from a popular cross-chain bridging service. A security researcher at the cryptocurrency investment firm Paradigm explained how the cyberattack occurred and the funds were stolen. The hacker may have been able to leverage a vulnerability in the way that the service validates proofs. This way, they were able to request one million BNB from Binance Bridge.
The forged arbitrary messages were reportedly successful. The attacker was only able to forge two messages for a total of $570 million in recent exchange rates. The Twitter user ‘samczsun’ explained that the damage could have been far worse. The firm has requested that all validators temporarily suspend BSC in order to prevent the issue from occurring again. Binance has informed its users that their funds are safe.
Read More: Hacker Steals Over $570m from Binance Bridge