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6th largest holder of BNB is from a bridge exploit

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6th largest holder of BNB is from a bridge exploit

0x489A8756C18C0b8B24EC2a2b9FF3D4d447F79BEc holds 1,020,094.76 BNB ($313,464,921.46 USD) which is 4.21% of the total BNB supply.

According to Binance's BNB Chain blog, hackers drained 2 million BNB tokens from the network on October 6,2022 which was about $570 million at that time. Binance co-founder and CEO Changpeng Zhao said that the exploit was on a cross-chain bridge, BSC Token Hub, which resulted in extra BNB tokens being created out of thin air. A cross-chain bridge lets users port their digital assets from one blockchain to another. The BSC Token Hub is a bridge between the BNB Beacon Chain (BEP2) and the BNB Chain (BEP20 or BSC).

The attacker claimed one million BNB reward through the token hub, before depositing the balance into the DeFi lending platform Venus Protocol. They then borrowed stablecoins spread across USD Coin, Tether, and Binance USD (BUSD) using cross-chain bridges to swap the tokens for Ether, Phantom Protocol (PHM) tokens and Polygon before the BNB Chain was paused.

Following this Binance said in a Reddit Post:

We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.

They also tweeted the hack was between $70M-$80M though in the Reddit posts and essentially every other source I could find it was said to he hackers took $100M - $110M off BSC.

Tether eventually blacklisted the hackers wallet.

Source 1 | Source 2 | Source 3 | Binance Blog | Binance CEO Interview | Hacker Wallet

submitted by /u/CryptoIsThePlan
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