Bitcoin
Potential White Hat Hackers Exploit BNB Chain for $80K in Bitcoin
BNB Chain was recently the victim of a hacker attack, resulting in the theft of over $80,000 in Bitcoin (BTC). The incident, identified by blockchain security firm Cyvers, involved suspicious BTC transactions.
Civers informed X about the breach, suggesting that the attacker may be a white hat hacker intent on probing the network. The money used to facilitate the attack was obtained through Tornado Cash, a cryptomixer that is on the sanctions list for its effectiveness in anonymizing transactions.
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Hacker achieves
The hacker’s interaction with the Binance exchange indicates a high level of expertise, suggesting a possible ethical motive behind the hack. Despite the attack involving the BNB Chain governance token, worth $315, the loss of $80,000 is relatively small in the world of cryptocurrency thefts.
…And the trend continues
The timing of the exploration is significant, occurring just a week after Gala Games, a major gaming and blockchain company, suffered a hack. The Gala Games breach resulted in the loss of user assets worth approximately $23 million, one of the biggest crypto exploits this month.
CEO Eric Schiermeyer attributed the breach to inadequate internal controls and assured stakeholders that security measures are being strengthened to prevent future incidents.
Gala Games has since managed to recover some of the stolen cryptocurrencies with the help of Binance and authorities.
Rising tension in the crypto space
These back-to-back breaches have heightened anxiety across the crypto community, raising concerns about the potential for further exploitation of vulnerabilities. As the investigation into the BNB Chain exploitation continues, the focus is on improving security standards and using these incidents as opportunities to strengthen blockchain networks.
While the BNB Chain hack can be seen as an act of ethical hacking, it raises questions about the intentions behind such actions and whether they could lead to more dangerous exploits in the future. With the rapid development of cryptocurrencies, the sector remains vulnerable to various threats.
Also check out: Crypto Weekly Report: Exposing Hacks, Heists, and Takedowns
Is this a wake-up call for the crypto industry? Stay tuned! Here are some essential tips for keeping your crypto holdings safe: A Comprehensive Guide to Keeping Your Crypto Secure