Changpeng Zhao, the Chief Executive Officer of Binance, has provided confirmation that the BNB chain has been suspended. Late in the day on October 6th, the suspension was put into effect. According to him, the decision was made as a result of an exploit of one hundred million dollars on the network.

It's Possible That Exploration Will Cost More

CZ further revealed that the assets that were stolen account for 25% of BNB's most recent burn. On the other hand, there have been allegations that the exploit cost more than 700 million dollars on Twitter. And a significant number of additional sources assert that the exploit was greater than the figures that were stated.

According to an independent researcher who works for the CIA, there was a transaction that was worth 718 million dollars. Additional information from BscScan revealed that there were significant transactions occurring in rapid succession on Binance. These transactions were believed to have involved a certain wallet.

There were up to 1.02 million BNB tokens in the aforementioned address as of the time this story was published. In addition, the exploiter did not take any BNB out of circulation from the network. Additional investigations revealed that BUSD to the value of $28.8 million had also been taken.

A security firm by the name of PeckShield Incorporated did what it could to raise the alarm with the staff at BNB. However, the vulnerability had already been exploited before any actions could be taken.

According to Igor Igamberdiev, the Director of Research for TheBlock, the exploiter initially registered a relayer. By doing so, it would facilitate the movement of assets between different blockchains. Even if there were a different consensus, this could still be accomplished.

In addition to that, there were a few unexpected developments with reference to the specifics of the operation. Iganberdiev made the observation that the exploiter had successfully completed the Merkle proof without encountering any obstacles during the validation process.

Combined Efforts Have Stopped There From Being Any Further Losses

Reports indicate that the Merkle root should have prevented a huge transaction from taking place using older blocks. The question that immediately comes to mind is, "What else occurred on the network?"

Following the occurrence of the incident, BNB did not delay in providing a response. According to CoinMarketCap, the value of the currency dropped by 3.93% nearly immediately after the news surfaced. On the other hand, the volume of BNB did not instantly drop.

The sentiment indicated that the 40% rise in supply seen over the course of the previous day was still available. On the other side, the BNB coin attracted a greater amount of attention from the general population. According to reports provided by LunarCrush, the token's level of social engagement increased by 198.8%.

The rise may be seen as anxiety or concern on the part of investors regarding the severity of the exploit. Despite the exploit, BNB assured investors that their money is safe in their accounts.

BNB also acknowledged the role that numerous node providers played in preventing the vulnerability from becoming more severe. Tether's action of blacklisting the exploiter's wallet was a contributing factor in this. BNB claimed that it has already begun resuming activities on the chain, and it mentioned that it was working on it.