Cryptocurrency exchange BinancePatrick Hillmann, chief communications officer, joined a panel to discuss last week’s $100 million attack and how validators prevented the worst-case scenario.
Cryptocurrency Exchange Binance’s Official Made Statements About BNB Hack Incident
Patrick Hillmann, chief communications officer at crypto exchange Binance, said that validators on crypto platforms are becoming increasingly intelligent, out of necessity.
Blockchain, which is closely linked to Binance BNB Chain ecosystem has become the latest victim of an attack that resulted in the loss of $100 million in cryptocurrencies. However, the attack could have been worse.
Hillmann said in a statement today:
“These attacks are starting to get more sophisticated. If the hackers were more organized, they could probably get more funding than they get from the ecosystem. While the hackers were able to get away with about $100 million, the potential amount could have gone up to $570 million.”
On Thursday, BNB validators noticed some strange activity taking place on one of the platform’s bridges, the BSC Token Hub.
Hillmann likened this attack to a group of thieves breaking into the US Federal Reserve and printing their own money and then running away with the money.
“Fortunately, the validators were able to act really quickly and lock the chain,” Hillmann said. Thus, they prevented the lion’s share of the newly minted BNB from leaving the ecosystem.”
He also said that the BNB Chain community is working with law enforcement to track down hackers it suggests could be a state-based actor or a state-affiliated threat group.
*Not investment advice.
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