Share this article
BNB Smart Chain Resumes Operations After $100M Exploit
A tweet from the official BNB chain Twitter account indicates the chain is back in operation after pushing out a software update to freeze hackers' accounts.
By Sam Reynolds
Updated May 9, 2023, 3:58 a.m. Published Oct 7, 2022, 5:44 a.m.
The BNB Smart Chain (BSC) resumed operations at around 06:40 Coordinated Universal Time (UTC) as chain validators adopted a software update that would close the exploit used by hackers to drain funds off-chain.
- BNB Chain, a blockchain closely linked to the crypto exchange Binance, is composed of BNB Beacon Chain and BNB Smart Chain (BSC).
📢BNB Smart Chain (BSC) is running ok from 20+ mins ago.
— BNB Chain (@BNBCHAIN) October 7, 2022
The validators are confirming their status and the community infrastructure are upgrading as well.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The BNB Chain was halted earlier after an exploit was discovered that drained $100 million in crypto from the platform; $7 million of the total crypto has already been frozen.
- BNB Chain announced that it will hold a series of on-chain governance votes that will decide whether the hacked funds should be frozen. There will also be a vote on a bug bounty reward system to prevent future hacks from happening.
- BNB token is down 3.35% and is trading at $284.51.
UPDATE (Oct. 7, 2022 06:45 UTC): Adds details about BNB Chain.
UPDATE (Oct. 7, 07:13 UTC): Updates headline and first paragraph with new information.
UPDATE (Oct. 7, 09:50 UTC): Adds BNB Chain governance vote proposals.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
