Potential White-Hat Hackers Exploit BNB Chain for $80K in Bitcoin

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BNB Chain became the latest victim of a hacker attack where more than $80,000 worth of Bitcoin (BTC) has been stolen. The situation that took place and was identified by the blockchain security firm Cyvers concerns certain suspicious operations with BTC. 

Cyvers informed X of the breach, suggesting that the attacker may be a White-hat hacker with the intention of investigating the network. The money that was utilized to facilitate the attack was obtained through Tornado Cash, a crypto mixer that is on the sanctions list due to its effectiveness in anonymizing transactions. 

Furthermore, the hacker engaged in the Binance exchange, and this indicates a certain level of expertise which makes him/her to have a possible ethical motive towards the act of hacking. 

Despite the BNB Chain governance token worth $315, the breach of the trading platform may indeed be a wake-up call, while losing $80,000 may be a relatively low sum in terms of cryptocurrency thefts. 

More thefts faced by the crypto platforms 

The timing of the exploit is quite significant since it occurred barely a week following the hack of Gala Games, a significant gaming and blockchain company. Gala Games’ attack led to the user assets’ loss of around 23 million, making it one of the biggest crypto exploits this month. 

Gala Games’ CEO, Eric Schiermeyer, accepted the breach explaining it with inadequate internal controls. Mr Schiermeyer sought to reassure the stakeholders that measures are underway to enhance security to avoid such unfortunate occurrences in future. 

The company has since then, managed to rectify the issue and regained some of the stolen crypto-currencies with the support of Binance and police.

This has made most of the crypto space extremely tense and worried about other occasions where such vulnerabilities could be again exploited.

While the investigation of the BNB Chain exploit is still ongoing the spotlight is on improving the security standards and using the break-ins as an opportunity to strengthen the blockchain networks. 

Though this maneuver can be viewed as ethical hacking, one should question the intention of such actions and whether it will escalate to more threatening actions in the future, especially in the realm of cryptocurrencies, which are experiencing steady development and are vulnerable to different threats.

Also Check Out: Crypto Weekly Report: Exposing Hacks, Heists, & Takedowns