Cointelegraph May 29 24
BNB Chain exploited for $80K of fake BTC tokens:
Approximately $80,000 worth of Bitcoin was lost in a potential exploit on the BNB chain ...
cointelegraph.com/news/bnb-chain-80k-bitcoin-exploit-white-hat-hacker
Photo: cointelegraph.com · view article
Fake-BTC Price Manipulation on BNB ChainAbout $80,000 of a BEP‑20 'BTC' token was lost in a May 28 exploit; BNB Chain later clarified the token was not genuine Bitcoin.
Key FactsMay 29, 2024 · Reading time: ~45 sec.
Summary created with AI assistance · Source: cointelegraph.com
Summary created with AI assistance · Source: cointelegraph.com
- Approximately $80,000 of a BEP‑20 token labeled 'BTC' was lost in a price‑manipulation exploit on BNB Chain, and the token was not the genuine Bitcoin representation on BSC.
- On‑chain analysis by Cyvers noted funding via Tornado Cash and interactions with Binance, prompting suggestions the actor might be a white‑hat seeking vulnerabilities.
- The BNB Chain Core Development Team clarified that the Tornado Cash funding and a 1 BNB transfer to a Binance deposit wallet do not indicate ethical intent and therefore does not classify the exploiter as a white‑hat.
- The incident drew attention because it was small compared with typical crypto exploits, and the article was updated on May 29 to include BNB Chain's clarification.
The total loss is approximately $80K. The attacker received funding via TornadoCash and has also interacted with the Binance exchange, indicating a possible white hat action.— Cyvers, an on-chain security firm, in a May 28 X post commenting on the BNB Chain exploit
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