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šŸ“‍ā˜ ļø Binance Chain Exploiter Just Transferred 33,772 Ethereum to a New Address šŸ“‍ā˜ ļø
The address associated with the recent BNBChain bridge exploits just moved $45M worth of ETH to a new address.
October 08, 2022
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The BNBChain bridge exploit surprised the entire community, as hackers aimed to execute the malicious act stealthily overnight. Notwithstanding, the Binance team was able to address the situation soon enough to minimize the damage caused, with Tether making its own attempt to blacklist the associated address.

Despite these commendable efforts, the hackers were able to cart away with funds within the range of $100M. Due to the swift action of the Binance team, $400M remained on BSC, with the hackers sending $50M to Fantom and $50M to Ethereum. It appears the funds converted to Ethereum are now on the move.

PeckShieldAlert, a Chrome extension tool from blockchain security company Peck Shield, revealed the development through its official Twitter page.

ā€œPeckShieldAlert BNBChain Token Hub Exploiter 0x489A87 has transferred ~33,772 $ETH (ļ½ž$45M) to a new address 0xFA0a3…14e9,ā€Ā the handle highlighted.

A look at the transaction hashĀ 0x74701d8816a4b3b6c377dfb1dab2edd5abfe7ad92d114905aaf151a701ff26d9Ā onĀ EtherscanĀ confirms the alert from PeckShield.

The transaction which occurred on October 7, 6:15:35 PM (UTC) involved the transfer of 33,771 Ether (worth $44,879,672 against prevailing rates) from the address associated with the BNB Bridge exploitĀ 0x489a8756c18c0b8b24ec2a2b9ff3d4d447f79becĀ to a new addressĀ 0xfa0a32e5c33b6123122b6b68099001d9371d14e9.

This indicates that the hackers want to move the funds out of sight. It remains the practice of criminals to utilize crypto mixers such as the OFAC-sanctioned Tornado Cash to cover their tracks.

Recall that the BNBChain-linked exploit, which occurred in the late hours of October 6, affected a cross-chain bridge native to the BNB Chain ecosystem called the ā€œBSC Token Hub.ā€ BSC Token Hub is a bridge between the BNB Beacon Chain (BEP2) and the BNB Smart Chain (BEP20 or BSC).

The exploit led to a withdrawal of 2 million BNB (worth around $566M). To contain the situation, the BNBChain team had to consult with validators to pause on-chain activities on the network.

The hack was summarily addressed, limiting the funds withdrawn from the BSC ecosystem to $100M. Following the exploit, the CEO of Binance, Changpeng ā€œCZā€ Zhao, appeared on CNBC’s Squawk Box show to discuss a few issues. The Crypto BasicĀ reportedĀ that CZ entertained questions regarding the recent exploit.

CZ noted that he remains confident of the community’s trust in Binance due to the swift response from the team. Additionally, CZ highlighted that, despite the hack, BNB had dipped by less than 5% at the interview. The asset has only seen a dip of 1.2% as of press time, as it changes hands at $281.

Furthermore, the BNBChain team released aĀ statementĀ concerning the hack on Friday after containing the situation. The team apologized for the exploit and revealed four action points that will be subjected to governance votes for the ā€œcommon good of BNB.ā€

These points include:

  • Actions to take on the hacked funds – whether to freeze them or not.
  • Whether or not the developers should implement the BNB Auto-Burn feature to cover the rest of the hacked funds.
  • A White Hat initiative will reward each White Hat that uncovers a future significant bug with $1M.
  • A bounty for hackers caught, promising 10% of the recovered funds to anyone who provides substantial assistance.

In addition to these points, CZ further told CNBC that the BNBChain team has noted the bug and is looking to learn from the mistake to make the network more secure in the future.

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Join this Now! YOU have what it takes!

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Contention occurs within this Eternal Now where Consciousness shapes the manifesting event-stream.

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Contention with Aliens is happening in this instant in this Eternal Now.

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

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Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, ā€œThe Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.ā€

The data includes Real GDP and the PCE Price Index,Ā which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data šŸ‘‰will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
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šŸ”— Crypto
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