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Binance-Linked BNB Price Falls Close to 4% on Hack Rumors

The price of BNB was falling about 4% on Thursday after rumors surfaced that the Binance-linked token may have been the target of an attack worth …

Binance-Linked BNB Price Falls Close to 4% on Hack Rumors
07.10.2022 01:38
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The price of BNB was falling about 4% on Thursday after rumors surfaced that the Binance-linked token may have been the target of an attack worth around $600 million.

The blockchain subsequently tweeted that it was temporarily pausing BNB due to “irregular activity.”

The exact nature of the exploit was unclear at press time, but an attacker was suspected of draining two million of the chain’s native BNB token from a smart contract.

Twitter sleuths point out that Tether – the largest stablecoin provider – has blacklisted the offending address, suggesting that the firm suspects the movement of tokens was the result of an attack rather than something more benign.

BNB was down about 3.6% to $282.46 on Thursday afternoon after reports of the hack surfaced.

This is a developing story and will be updated.

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