$566M Binance Cross-Chain Bridge Hack

    Binance Bridge Hack

    One of the 12 largest DeFi, Crypto hacks. My summary here: https://crypto.security/crypto-blockchain-security/binance-hack/

    The BSC Token Hub is a cross-chain bridge native to Binance that allows users to transfer tokens between the BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC).

    On October 6, 2022, an attacker interacted with the BSC Token Hub smart contract in a way that allowed them to print two million BNB tokens (the native token on the BNB Smart Chain), worth approximately $566 million at the time. This was achieved using falsified transactions that convinced the bridge that the attacker had deposited the BNB previously, and was therefore eligible to withdraw that much.

    According to Binance’s official response, “the exploit was through a sophisticated forging of the low level proof into one common library.”