BNB Chain suffered a US$566 million exploit last Thursday. A hacker tricked the BSC Token Hub, a cross-chain bridge protocol, into sending two million BNB. BNB Chain halted the network temporarily in response to the attack. However, the attacker still managed to drain around $110 million of crypto using a novel approach, syphoning the funds across other networks. Under half of the stolen funds were deposited to a lending protocol on BNB Chain and borrowed centralised stablecoins, including USDT, USDC, and BUSD. The suspension of the BNB Chain network also led to the argument on its decentralisation.
The overall L2 market saw negative growth last week, as its TVL dropped by -2.33%. Optimistic rollups and zero-knowledge rollups projects fell by -1.80% and -1.06%, respectively. Ethereum’s TVL change was negative at -2.86%.
The TVL changes for all optimistic rollup projects were negative except Metis Andromeda (+4.45%). Optimism fell the most by -2.87%.
ZK rollup projects’ TVL movement was all negative except dYdX (+1.46%). Loopring plummeted the most at -6.01%.
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Research and Insights Team
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BNB Chain temporarily halts post-$566 million exploit. Solana-based DeFi protocol Mango hacked for over $100 million. MakerDAO passes plan to invest $500 million in U.S. government bonds.
