Binance Smart Chain halts after $100 million exploit, CZ says

Binance Smart Chain paused on Thursday evening after detecting a “potential exploit.”

Binance CEO Changpeng “CZ” Zhao later confirmed the issue on Twitter, saying, “An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB.” The BSC Token Hub impacted is the cross-chain bridge between the BNB Beacon Chain and the BNB Chain, he added.

“The issue is contained now,” CZ wrote. “Your funds are safe.”

“This is an isolated issue on BSC,” a Binance representative told Fortune. The BSC Hub and BNB Chain teams didn’t immediately respond to requests for comment.

CZ also pointed to a Reddit post with more details of the exploit, which noted an initial estimate of funds stolen ranging from $100 million to $110 million, adding that an estimated $7 million had been frozen.

Cross-chain bridge hacks are extremely common. Case in point: About $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks just this year.

Many on crypto Twitter also pointed this out: “Bridges are the weakness.”

CZ said on Twitter that there isn’t a rush to resume. “Let’s give the devs time to fully understand the root cause, implement the fixes, test them thoroughly, and then resume,” he wrote. “Let’s not rush it now.”

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