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After the $600 Million BNB Hack, Ethereum Experiences Rug Pull Attacks

7 Oct, 20222 min readEthereum
After the $600 Million BNB Hack, Ethereum Experiences Rug Pull Attacks

Today, a $536 million BNB whale began behaving erratically and the wallet quickly began lending and borrowing tokens from several ecosystems, giving observers the impression that it had been hacked.

The blockchain for BNB Chain was stopped because of “irregular activity.” However, the team has now said that. “All systems are now contained, and we are immediately investigating the potential vulnerability.”

Due to irregular activity we're temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here. Thank you for your patience and understanding.— BNB Chain (@BNBCHAIN) October 6, 2022

After the attempted $600 million BNB Chain vulnerability, Ethereum experienced significant rug pull attacks. A hostile actor created a BNBHACKERINU token after the original hack, and two hours later they rug-pulled it.

The initial hacker was successful in stealing BNB tokens worth around $100 million. The BSC cross-chain bridge was the site of the exploit. The validators have halted transactions on the BSC chain, according to Changpeng Zhou, the CEO and founder of Binance and BNB Chain.

The exploiter didn’t create it. It’s literally just someone spoofing to make it look like the exploiter did. Happens after most major exploits. — ZachXBT (@zachxbt) October 7, 2022

However, the initial BNB hacker did not plan the rug pull, according to ZachXBT, an on-chain Web3 expert. They were spoof tokens, which are frequent following a significant hack. Foobar, a web3 expert, emphasizes that the rug pull technique is a very prevalent malicious one. He advises DeFi participants to remain vigilant for such strategies at all times.

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