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BNB Smart Chain halts operation due to irregular activity – Manila Bulletin

BNB Smart Chain halts operation due to irregular activity
Published October 7, 2022, 7:52 AM

BNB Smart Chain (BSC) is a public blockchain network launched by the cryptocurrency exchange Binance. It supports smart contracts and decentralized applications (DApps). BSC runs alongside the BNB Chain, previously Binance Chain.

At 6:19 today, the official BNB Chain account posted a tweet informing the public that they have temporarily paused BSC due to irregular activity. In the same thread BNB Chain also assured the public that all funds are safe.

“Due to irregular activity, we’re temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here. Thank you for your patience and understanding.”

“To confirm, we have suspended BSC after having determined a potential exploit. All systems are now contained, and we are immediately investigating the potential vulnerability. We know the Community will assist and help freeze any transfers. All funds are safe.”

“We want to thank all node service providers for their quick and attentive response.”

According to DefiLlama, BNB Smart Chain has more than 5 billion dollars of Total Value Locked to its ecosystem.

As of 7:20 AM, the official account BNB Chain posted a new thread thanking all those who help resolved the issue.

“Initial estimates for funds taken off BSC are between $70M – $80M. However, thanks to the Community and our internal and external security partners, an estimated $7M has already been frozen”

“We are humbled by the speed and collaboration from the Community to freeze funds. Thank you to everyone who helped and gave their support.”

Applications that run on top of BNB Smart Chain are also halted. Users are also unable to transact or withdraw their funds due to this event.