Reporter | Feng SaiqiEdit|Recently, hackers invaded the public chain BNBChain under the cryptocurrency exchange Coin, causing the world's largest cryptocurrency exchange to lose approximately $566 million in cryptocurrency assets.According to the official statement of Coin An, hackers have discovered a contract vulnerability in the cross chain bridge "BSCTokenHub" of BNBChain, bypassing the contract detection of BNB chain and obtaining encrypted assets through the issuance of Coin An Coin (BNB)
Reporter | Feng Saiqi
Edit|
Recently, hackers invaded the public chain BNBChain under the cryptocurrency exchange Coin, causing the world's largest cryptocurrency exchange to lose approximately $566 million in cryptocurrency assets.
According to the official statement of Coin An, hackers have discovered a contract vulnerability in the cross chain bridge "BSCTokenHub" of BNBChain, bypassing the contract detection of BNB chain and obtaining encrypted assets through the issuance of Coin An Coin (BNB).
BNB is a cryptocurrency under Coin An. On October 7th, hackers used cross bridge vulnerabilities to obtain a total of 2 million BNBs in two rounds, with a total value of approximately $566 million.
According to the analysis of the security team of Ouke Cloud Chain, this method of issuing tokens out of thin air, like the impact of asset theft, will have a serious negative impact on the current market, and even require users to pay for the security accidents of the project party.
After the theft incident, Zhao Changpeng, the founder of Coin An, responded on social media that the operation of the relevant platform had been immediately suspended, promising users that the funds were safe, apologizing for any inconvenience caused, and continuing to update on subsequent progress.
On October 8th, BNBChain announced that it had resumed operation. However, some users have reported that the transfer of funds on the platform is still not smooth. BNBChain stated that the repair work is still ongoing, and there may indeed be delays in user account operations.
According to industry data released by multiple platforms, the growth rate of theft cases on cryptocurrency platforms has accelerated since the beginning of this year.
Recently, the Federal Bureau of Investigation released a security announcement stating that an increasing number of hackers are using security vulnerabilities in cross chain and decentralized financial platforms (Defi) to steal cryptocurrencies. The announcement stated that in the first quarter of this year alone, approximately $1.3 billion worth of cryptocurrencies were stolen, with 97% coming from decentralized financial platforms.
According to data from Chainalysis, a blockchain analysis platform, in the first half of this year, the value of cryptocurrency stolen by hackers from encryption platforms reached $2.2 billion, which is close to the total amount of stolen assets for the entire year of 2021, making it the most severely attacked year in the encryption field by hackers.
According to CertiK data from the Web3 security assessment platform, in the first and second quarters of 2022, the Web3 field was severely attacked by hackers, resulting in losses of $2 billion, exceeding the losses caused by attacks throughout 2021. Among them, the five major cross chain platforms were affected by attacks, with losses exceeding 1.317 billion US dollars, accounting for approximately 57% of the total losses of Web3 since the beginning of this year.
Coin An has been stolen with assets worth 570 million US dollars, which is known as the most serious hacker attack in the recent crypto industry. In fact, there have been constant reports of crypto exchanges being hacked before. In September, Wintermute, a crypto company, reported that its DeFi department was attacked by hackers, resulting in a loss of 160 million US dollars to the company.
The constant exposure of hacker intrusion messages will undoubtedly affect the confidence of crypto investors.
Wang Shiqiang, a senior researcher at the Ice Science and Technology Research Institute, told Interface News that the impact of cryptocurrency theft on investors is relatively small. If it only occurs once or twice, the exchange will upgrade its technology to eliminate loopholes, which will have a smaller impact on investors. However, if theft occurs frequently, investors will be more concerned and may exit the market, even leading to a cryptocurrency crash.
Erin Plante, Vice President of Chainalisis Investigation, stated that decentralized financial platforms have introduced a new platform for hackers, allowing them to easily enter, putting great pressure on the encryption market and limiting potential innovation.
At present, the cryptocurrency industry is in a bear market, and the volatility of cryptocurrencies themselves is already very high. The risk of hacker intrusion is also constantly increasing. How can exchanges protect the confidence of investors?
Wang Shiqiang believes that the increase in the number of hacker thefts indicates that decentralized financial platforms are also facing a phenomenon of "one foot higher than the other". Simply put, an increase in the number of successful thefts may not necessarily be due to the insufficient risk prevention and control capabilities of encrypted exchanges. The main reason is that hacker technology has been upgraded, making previously secure trading systems less secure and even vulnerable.
Therefore, encrypted exchanges require more technical teams, especially security personnel, to regularly update security measures, timely plug leaks, and prevent hacker intrusion. Only in this way can risks be controlled and investor losses be minimized
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