Binance hit by $100 million blockchain bridge hack

MATIC is the native cryptocurrency of the Polygon network and is used to help drive development across the network and can be used for staking and paying for transaction fees. Simply put, it is the currency of Polygon and the applications running on it. Wrapping a coin or token into a BNB Chain version is actually quite straightforward. Using the Binance Bridge service, you can convert crypto assets between the native blockchain and BNB Chain. For example, if you transfer USDT from Ethereum to BNB Chain, Binance Bridge will support the cross-chain conversion of Ethereum ERC-20 to BNB BEP-2 or BEP-20.

Binance Bridge

In addition, both the Binance Chain and Binance Smart Chain support faster block times. The two blockchain networks require considerably lower fees for transaction processing. The differences between the Binance Chain and Binance Smart Chain also reflect the difference in consensus mechanisms alongside functionality. The Binance Bridge Project aims to increase interoperability between different blockchains.

Once you’ve set the parameters, the conversion time is quite short, and it should take around a few minutes to execute a cross-chain conversion. This, of course, depends on blockchain network confirmation times. Well, depending on the blockchain you’re trying to convert from, the process may take more during times of congestion and high activity. As you may already know, ERC-20 is a widely popular token standard on Ethereum. If you need to transfer a large amount of your selected asset, it is recommended that you try to transfer a small amount first to ensure that your address and other settings are correct. Before using Binance Bridge services, you will need a decentralized wallet.

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Subsequently, learners could also figure out the best method for bridging tokens from BSC to Fantom. The Binance Bridge Project is an important tool for increasing cross-compatibility in the blockchain space. Anyone can peg coins and tokens to be used on BNB Chain. The number of tokens to be supported will increase over time, leading to better access to liquidity on BNB Chain. Currently, there is a bit of an issue in the crypto space. Different blockchains can’t really talk to each other.

Once you have the FTM gas fees ready, you can prepare for bridging tokens to FTM from Binance Smart Chain. However, you must ensure that you are connected with the BSC network by using your Metamask crypto wallet. The search for a BSC Fantom Bridge can help you come across many plausible options. You can choose the desired alternative from multiple platforms for bridging tokens between the two networks. The popularity of both networks also guarantees their listing on the majority of bridging protocols. However, you must be careful in choosing an alternative to Binance Smart Chain Bridge for moving assets to Fantom.

The constant expansion of the DeFi ecosystem calls for more interoperability among existing and emerging solutions. The top choices of a BSC to Fantom Bridge would include the Synapse protocol, AnySwap Bridge, or the Multichain Bridge. All of these bridging platforms offer the distinct advantage of usability by enabling the bridging of assets within a few simple steps. Let us explore the methods for using these bridges for transferring assets from BSC to Fantom. The Fantom layer 1 blockchain evolved as a prominent solution to such issues with the Lachesis consensus mechanism.

Binance Bridge

I think it’s very hard to protect yourself against that sort of misrepresentation. You know, if you’re being shown a balance sheet that may or may not be accurate, if you’re being shown income statements that may or may not be accurate, that are being validated by third parties. Earlier this year, FTX bought a 30% stake of Scaramucci’s hedge fund, Skybridge Capital. The veteran investor says he was taken aback by a dramatic misrepresentation of FTX’s balance sheet which was very hard to detect. Review: What Makes This A Perfect Trading Platform For All Levels Of Traders- London Bridge Cap Review

Binance created a hard fork of the Go Ethereum or Geth client for developing the Binance Smart Chain. Binance, the world’s largest cryptocurrency exchange, confirmed Thursday that hackers made off with at least $100 million, but that the figure could have been significantly more. You only need to deposit the corresponding amount of your selected asset to the provided address.

Binance Bridge

The six key pillars of the BNB Chain include being permissionless, decentralized, open, multichain accessible, designed for creators and inventors, and with the goal to be bigger than Binance itself. If you wish to see more details about the bridge transaction from Binance to Polygon, you can click the links in your “Transfer History” tab. Most cross-chain transfers are completed almost instantaneously, however some may take as long as 20 minutes to complete depending on how much traffic the chain is experiencing.

This is a measure to offer increased security for withdrawal transactions. If you wish to transfer MATIC or other Polygon tokens to Ethereum, you can do it via the Plasma Bridge. Note that the Plasma Bridge only supports the transfer of ERC-20 and ERC-721 tokens, which include ETH and MATIC. Once your transaction is validated, you need to claim the tokens to your MetaMask wallet. Click , and you can see the assets when the withdrawal is complete. You can review your transaction details, including the token amount, the bridge you’re using, and the estimated gas fee before you click .

Multichain Bridge

Their assessment provided the need for more consideration of how the Australian market interacted with underlying ledgers. They noted shortcomings of the distributed ledger project related to achieving resiliency, scalability, and supportability. ASX currently uses a Clearing House Electronic Subregister System , a platform that has been up and running for at least 25 years. Back then CHESS was the go-to system for such systems using T+2 settlement protocols which later led to the development of a new electronic messaging standard. The technology enabled the exchange to perform trades in a fair non-discriminatory manner. You need to manually confirm three transactions for a Plasma Bridge transfer.

In a blog post on Friday, the BNB Chain team said that a total of 2 million BNB — worth approximately $568 million — were initially withdrawn by the hacker. As far as fees are concerned, Binance Bridge charges zero conversion fees. You’ll only need to pay network transaction fees on the blockchains that you are converting between.

More than a million Ether has been withdrawn from exchanges since Nov. 6. Bitcoin balances across all exchanges have dropped by 72,000 BTC since Nov. 6. ASX also appointed a project director to chart a new path for the CHESS replacement project. For now, Australian will have to tolerate the CHESS system which is reportedly stable and secure. In 2017, ASX announced CHESS’s replacement with a distributed ledger alternative and in 2018 began public consultation.

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Binance Bridge 2.0 is a trusted bridge protected by the highest security standards of Binance, operating on the BNB Smart Chain with low fees of only a few cents and fast transaction times of just 3 seconds. Binance Bridge 2.0 will support almost all Ethereum-native tokens and give you direct access to BNB Smart Chain dApps such as the most-used dApp globally – PancakeSwap. Support for more blockchains and dApps is coming in the future. Bridging and cross-chain transfers are not limited to just normal assets or fungible tokens either. Bridges can transfer and move non-fungible tokens between chains as well.

  • For starters, many DeFi applications are coming up with new approaches to defining their functionalities.
  • It’s worth noting that these wrapped coins are backed by real coins and tokens on public addresses.
  • In the planned solution, blockchain would be used in solving most of the business workflows.
  • The Polygon Bridge uses a dual-consensus architecture to optimize for speed and decentralization.

Deposits on the PoS Bridge are completed almost instantly, but withdrawals may take a while to confirm. The PoS Bridge supports the transfer of ether and most ERC tokens. The detailed explanation for Binance Smart Chain and Fantom blockchain basics serves as a plausible idea about bridging assets between them. Both platforms offer smart contract programmability alongside ensuring powerful features for developers and users.

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It’s worth noting that these wrapped coins are backed by real coins and tokens on public addresses. It essentially lets anyone convert selected coins into wrapped tokens (or “pegged tokens”) to be used on BNB Chain. This brings digital assets such as BTC, ETH, LTC, XRP, LINK, ATOM, DOT, XTZ, ONT, and more to the BNB Chain ecosystem. Based on the value advantages of token bridges, it is quite important to look for alternatives that can guarantee the reliable transfer of assets between BSC and Fantom. Learn more about blockchain bridges and how they work, and pick the best choice for your needs. Based on these factors, you can compare the top bridging platforms and pick one suited to your requirements.

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With the help of the Lachesis consensus mechanism, Fantom could easily serve as a leaderless smart contract platform for creating and interacting with dApps and DeFi solutions. Lachesis also plays a vital role in enabling erc20 vs kcc faster transactions on the Fantom blockchain along with better transaction finality. Interestingly, Lachesis can achieve the desired advantages while maintaining an open-source, decentralized, and permissionless nature.

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A hack on the bridge of the world’s largest crypto exchange – with all the market-rippling fear that entails. But if you’re a crypto bridge hacker wanting to announce yourselves to the world of the dark web, the Binance hack is the one you want on your resume. The Bonnie and Clyde of decentralized bank robberies. Essentially, it’s the Olympic gold medal of crypto hacks, simply because Binance as a name is so big, so well-known, and so very dependent on this kind of thing not happening to it. Of course, it’s worth acknowledging the Harmony Horizon hack, too, which also sucked money out of a bridge used by Binance.

Do you need a Binance account to use the Binance Bridge? The Binance Bridge interface is open to any address without the need to register a Binance account. Well, this way, you can use your BTC, ETH, or other assets in BNB Chain DApps. Do you HODL BTC but want to harvest the latest yield farming opportunity on BNB Chain?

Another popular example of Fantom Bridge would be the Multichain Bridge, which focused on offering a comprehensive one-stop bridging solution. Here are some of the steps you can follow for bridging tokens from BSC to Fantom with Multichain. To transfer from another network to the connected wallet network, please deposit your tokens before closing. Once a transaction is complete, Binance Bridge will lock the tokens, and the peg to BNB Chain is complete.

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