Yugocean
Valued Contributor
The crypto industry faced another shock recently when BNB Bridge was breached, causing the BNBchain, considered one of the safest in the crypto sector, to be temporarily suspended and put into maintenance. This happened on October 7, 2022.
Although everything was taken under control by Binance's security team within hours of effort, the hacker had by then transferred $100 million worth of BNB to another chain, which was out of their reach.
The security team's work is commendable for thwarting a hacking attempt of 2 million BNB that is worth $600 million, but this also highlights the flaws in how it got hacked. Binance was unprepared for such an attack, which had negative consequences.The BNB chain's accessless situation to the now hacked crypto is also being questioned.
This has had a direct impact on investors in Binance, and CEO CZ has had to make several clarifications, including holding an AMA on October 8.
