Backstory
On October 6th 2022, the BSC Token Hub bridge (hereinafter BSC), belonging to the largest cryptocurrency exchange, Binance, was hacked. This was one of the largest cryptocurrency hacks ever. BSC ensures the interaction between the Binance Beacon Chain blockchain used by Binance for decentralized management (stacking, voting) and Binance Smart Chain, an EVM-compatible blockchain used to create various decentralized applications. Hackers withdrew 2 million BNB (Binance’s cryptocurrency) from the bridge protocol, with 1 BNB worth $293 at the time. A total of $586 million was stolen.
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