Jump Crypto Uncovers Critical Vulnerability on Binance’s BNB Chain

Binance CEO Changpeng ‘CZ’ Zhao thanked crypto venture capital firm Jump Crypto for reporting a bug on the BNB chain and appreciated the security team. 

CZ was responding to a tweet by BNB Chain’s chief scientist V. The developer said that the Jump Crypto security team notified the Binance about a severe vulnerability in the blockchain network. According to V, the blockchain forensics team was selfless and professional in handling the situation.

Minting Vulnerability on BNB Chain

Jump Crypto published a report of the incident on Feb. 10. The firm said, this was part of its efforts to improve security assurance within the crypto market. It added that it has been researching several networks to discover and fix vulnerabilities through coordinated disclosure.

These research efforts led to the discovery of a number of minting bugs on the BNB Chain. The technical nature of the BNB Chain made it challenging to discover these vulnerabilities as it combines an EVM-compatible smart chain and a Beacon Chain.

“The issue would have allowed an attacker to mint an infinite number of arbitrary tokens on the BNB chain, potentially leading to a large loss of funds,” said Jump Crypto.

Binance’s Changpeng Zhao affirmed that the issue has been taken care of to ensure any overflow in BNB calculation will lead to a transaction failure. The discovery underlies the importance of collaboration within the crypto space.

Malicious Players on the Look Out

While Jump Crypto was able to protect BNB Chain’s vulnerability from being exploited, malicious players stole around $4 billion in different crypto hacks in 2022. The same scenario has played out in the current year, with several crypto projects suffering various hacks and exploits.

Source: CertiK

It is worth noting that this is not the first time BNB Chain has been subject to a security breach. In October 2022, a hacker was able to send 1 million BNB tokens twice. But they could only move $100 million of the funds before validators shut down the network.

Validators reacted quickly and were able to prevent a $556 million theft. The hacker was able falsify transactions on the BNB bridge, which could have led to more significant losses.


BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

Bookmark (0)
ClosePlease loginn

Related Posts

Bitcoin: The Best Performing Asset Class in Q1 2023

Bitcoin set for its best trading quarter in nearly 2-years.
The top cryptocurrency vastly outpaces stocks performance.
BTC is well placed for more gains in Q2 2023.

Bookmark (0)
ClosePlease loginn

USDC Supply Shrinks by $10 Billion in March, But Hits 6-Month High on Smart Contracts

USDC supply declined by $10 billion in March following its exposure to the US banking crisis.
However, the stablecoin use on smart contracts reached a six-month high of 42.08%.
Tether USDT is now the dominant stablecoin, accounting for over 60% of the market.

Bookmark (0)
ClosePlease loginn

Bittrex Quits US, Cites Unfavorable Regulatory Environment

Crypto exchange Bittrex said it was leaving the United States because of the regulatory environment.
The crypto company had had previous skirmishes with financial regulator in the country.
Crypto stakeholders have warned that the US regulatory landscape would force many firms out of the country.

Bookmark (0)
ClosePlease loginn

Solana overcomes FTX fiasco — SOL price gains 100% in Q1

The cryptocurrency market may have overreacted to Solana’s FTX links and its tainted boss, Sam Bankman-Fried.

Bookmark (0)
ClosePlease loginn

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

The plaintiff’s brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed “a fictitious financial expert” and called Dogecoin “a hustle,” resulting in a steep price decline minutes later.

Bookmark (0)
ClosePlease loginn

Here’s how the crypto industry is using artificial intelligence

The rise of artificial intelligence, though in its early stages, has found use cases in crypto through countless projects.

Bookmark (0)
ClosePlease loginn

Leave a Reply

Your email address will not be published. Required fields are marked *