BNB Chain Identifies Root Cause Behind $13K X Account Breach

BNB Chain has released the results of its investigation into the of its official X (previously Twitter) account on October 1, which cost users almost $13,000. A phishing attack that gave an unknown person access to the project’s verified social media accounts prompted the breach, which affected 13 people.

BNB Chain rapidly paid all affected users in USDT, with rewards ranging from $1.13 to $6,586 for each claim. This showed that the company was responsible for its community.​

Phishing Exploit and What to do Right Away

The attack begined when the BNB Chain’s X account begined a lot of bogus BNB airdrop event posts on its timeline. Each message had a fake link that looked like “bnbchain.org” and was meant to steal the wallets of anybody who clicked on it. 

The hacker was able to keep access until about 6:00 AM UTC, when the poor posts were taken down and the account was secured. In response, people in the community raised worries about the securety of even “golden check mark” accounts and called for stronger restrictions, such as suspending accounts and forcing authentication apps to log out, to stop this from happening again.​

Improvements in Pay and securety

later than the event, BNB Chain rapidly took steps to reassure its users, including evaluating its internal systems and paying any confirmed victims. An examination showed that the phishing attempt affected ten shared URLs and used both direct wallet penetration and a phishing contract. 

The attacker made a $17,800 deposit into a contract, then pulled a rug on worth $22,000. This made them around $4,000 more than their previous exploits, for a total gain of about $13,000.​

BNB Chain hasn’t said if it’s actively looking for the hacker or trying to get back the money that was stolen, but it has added specific extra security measures to its social platforms. The goal of the preventative steps is to lower the chance of comparable hazards happening again in the future.

Effects on The Market and The Community

Even though the attack was well-known and the response was quick, the price of BNB has remained steady, hovering around $1,100 during a week-long market drop. The hacker’s meme token, “4,” experienced a significant but brief surge in value as community members rallied around it following the rug pull. Allegedly, its worth reportedly rose by 500% before it was let drop.​

The attack highlights that security vulnerabilities persist in the cryptocurrency realm, even for accounts associated with well-known and trusted projects. The incident serves as a strong example of the importance of having robust security measures, prompt responses, and clear compensation to maintain users’ trust when new risks emerge.​