ChangeNOW Shares Its Internal BNB Smart Chain Review
NEW YORK, Oct. 11, 2022 (GLOBE NEWSWIRE) — ChangeNOW, an instant crypto exchange service, shares the internal review of the Binance Smart Chain hack incident.
As blockchain security firm SlowMist reported on October 7, the initial funds for the BNB Smart Chain attack came via instant crypto exchange service ChangeNOW.
The hacker performed a double spend attack and stole 2 million BNB from the BSC Token Hub bridge, consequently trying to launder over half a billion dollars. Protocols such as Uniswap, SushiSwap, PancakeSwap, Alpaca Finance, and Curve Finance were also used by the attacker to move crypto before the hack, in addition to ChangeNOW.io.
Here are the results of an internal investigation that the instant exchange service ChangeNOW conducted following the hack.
ChangeNOW is reviewing the situation
The funds mentioned by SlowMist in its report were traded via ChangeNOW prior to the BSC hack. Because the sender’s address had never been implicated in fraud, ChangeNOW’s AML system confirmed the exchange.
The exchange was completed and the funds went to the recipient’s wallet – a newly created address with a clean transaction history. As soon as ChangeNOW learned of the hack, it immediately blocked this address.
BNB Smart Chain Hack: Event Chain
After trading coins on ChangeNOW, the attackers directed the funds to BSC Token Hub – a cross-chain bridge that allows assets to be exchanged between BNB Beacon Chain and BNB Smart Chain. They exploited a critical vulnerability that allowed them to carry out a double spend attack.
Later, the hackers sent 2 million BNB to the Venus loan protocol. The service released a statement in which it outlines two scenarios for attackers: hackers can repay their loan (and return cash to the protocol), or their account will be liquidated in case they disappear with the stablecoins they had borrowed.
Once the malicious activity was detected, Binance CEO Changpeng Zhao asked all validators to temporarily suspend the BSC. Network operation resumed later, following a “patch and hard fork release”. The hackers laundered approximately $100 million worth of BNB.
ChangeNOW and customer protection
According to ChangeNOW’s Corporate Responsibility Policy, the service strives to make the crypto industry a safer place. The platform’s AML system and close cooperation with the community have repeatedly helped to fight against cryptocurrency crime and bring in millions of dollars for victims of fraud.
Changenow.io’s review of the BNB Smart Chain hack suggests that this case is no exception – the platform reaffirms that it will continue to monitor the situation and help the community and law enforcement to deal with it the consequences of the attack.
change now is a user-friendly platform for instant, unlimited, no-registration cryptocurrency trading, founded in 2017. Currently, there are nearly 1,000 coins available on the exchange. As a noncustodial service, it does not store user funds.
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Image 1: ChangeNOW on BNB Smart Chain Hack
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ChangeNOW on BNB Smart Chain Hack