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BNB Chain Faces $80K Bitcoin Exploit White Hat Hacker or Ongoing Threat-2

BNB Chain Faces $80K Bitcoin Exploit: White Hat Hacker or Ongoing Threat?

Certain on-chain signs point to a potential white hat, or ethical hacker, looking for blockchain vulnerabilities. Approximately $80,000 worth of Bitcoin was lost in a potential exploit on the BNB Chain involving multiple suspicious transactions.

Potential White Hat Activity

While $80,000 is considered a small amount compared to the average crypto exploits, it has raised questions about the attacker’s intentions. The exploited token contract remains unknown, but on-chain security firm Cyvers suggests the attacker might be a white hat hacker. Cyvers noted in a May 28 X post:

“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.”

Source: cointelegraph.com

Despite receiving funding from Tornado Cash, a cryptocurrency mixing service, the exploiter also interacted with Binance, the world’s largest centralized exchange. This interaction is unusual for malicious hackers, who typically avoid large centralized exchanges like Binance due to their Know Your Customer (KYC) requirements, which could lead to identifying the malicious actors.

Related Incident: Gala Games Exploit

This potential exploit comes a week after Gala Games was exploited for $23 million worth of Gala (GALA) tokens. According to Gala Games co-founder and CEO Eric Schiermeyer, the exploit occurred due to an issue with “internal controls,” which the team has since fixed. In an unexpected turn of events, the hacker returned $22.3 million worth of Ether, close to the market value of the 600 million GALA they stole and sold a day earlier, after the attacker’s wallet was frozen with the stolen funds.

The return of the funds followed Schiermeyer’s May 20 X and Discord post, stating that the alleged attacker had been identified, including “his home address.” This marks the second time in May that a thief has had a change of heart and returned stolen funds.

Another Happy Ending: Wallet Poisoning Scam

Earlier this month, $71 million worth of cryptocurrencies stolen in a wallet poisoning scam were returned to the victim. The unknown attacker returned the $71 million on May 12 after the high-profile phishing incident caught the attention of multiple blockchain investigation firms. However, on-chain transactions suggest that the attacker wasn’t an ethical hacker but a malicious actor who got scared of the mainstream attention and decided to return the funds.

Conclusion

As the crypto community navigates these complex incidents, the line between ethical hacking and malicious exploits continues to blur. Whether the recent BNB Chain incident involves a white hat hacker or an ongoing threat remains to be seen. Nonetheless, these events highlight the need for robust security measures and the importance of ethical behavior in the rapidly evolving blockchain ecosystem.

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Name Price24H (%)
Bitcoin(BTC)
$64,784.32
3.66%
Ethereum(ETH)
$3,466.19
4.28%
BNB(BNB)
$579.19
4.72%
Solana(SOL)
$156.59
3.55%
XRP(XRP)
$0.56
5.60%

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