Binance Hack is reported incorrectly. Here’s why – Katoch Tubes

What  happened  in binance hack

About the News

Many news agencies have reported that BNB chain was hacked and crypto assets worth $100 million were stolen from the chain. But is it correct?

What's wrong with it?

The mainstream media has failed to understand how blockchain works and the modus operandi of the crypto hackers.

What actually happened?

BNB chain is not hacked. It's the cross-chain bridge "The Binance Token Hub" that's hacked which is used for BEP2 & BEP20 token swap.

About Cross-Chain bridge

Cross-Chain bridge is a decentralized exchange that's used to swap tokens across blockchains. Like from ERC-20  to BEP20 tokens.

Chains are Unhackable

Most of the blockchains are un-hackable. Largely because of the technology & also because of the limited on-chain storage of information.

Whom to listen?

Whenever you hear breaking news related to blockchain technology. Switch to Twitter and follow the experts over mainstream media 

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