Critical Vulnerability Detected in This Altcoin Network: “Massive Fund Loss Could Have Happened!”

Binance CEO Changpeng ‘CZ’ Zhao, cryptocurrency to venture capital firm Jump Crypto BNB altcoin He thanked and appreciated the security team for reporting a bug in his chain.

Binance CEO Changpeng Zhao Thanks Jump Crypto For Finding Fault In BNB Altcoin Chain

Responding to a tweet from V, the lead developer of BNB Chain, CZ said that the Jump Crypto security team notified Binance of a serious vulnerability in the blockchain network. According to V, the blockchain review team was dedicated and professional in handling the situation.

Jump Crypto published a report on the incident on February 10. The firm said that this is part of efforts to increase security assurance in the crypto market. The firm added that it is exploring various networks to discover and fix vulnerabilities through coordinated disclosure.

These research efforts led to the discovery of a number of minting vulnerabilities on the BNB Chain. The technical nature of the BNB chain made these vulnerabilities difficult to discover, as it combines an EVM-compatible smart chain and a Beacon chain.

“The issue could potentially result in a massive loss of funds by allowing an attacker to mint an infinite number of tokens at will on the BNB chain,” Jump Crypto said.

Binance CEO Changpeng Zhao confirmed that the issue has been resolved so that there will be no problems with transactions on BNB.

While Jump Crypto managed to protect the vulnerability of BNB Chain from abuse, malicious actors stole around $4 billion in different crypto attacks in 2022.

*Not investment advice.