BNB Chain Faces $80K Bitcoin Exploit — White Hat Hacker or Malicious Attack?

LUCKNOW (CoinChapter.com) — The BNB Chain found itself at the center of a potential $80,000 Bitcoin exploit. While the amount may seem insignificant compared to the colossal crypto heists of the past, the community wonders whether they’re dealing with a well-intentioned white hat hacker or a malicious actor.

The Telltale Signs of a Possible White Hat Operation

According to on-chain security firm Cyvers, the exploited token contract remains unknown. However, the attacker’s actions suggest a possible “white hat” or ethical hacking attempt. In a post on the social media platform X, Cyvers stated

The total loss is approximately $80K. The attacker received funding via TornadoCash and has also interacted with the Binance exchange, indicating a possible white hat action.

Receiving funding from the cryptocurrency mixing service Tornado Cash is a common tactic for malicious actors seeking anonymity. But the attacker’s interaction with popular platforms like Binance has raised questions. Sophisticated crypto hackers with malicious intent typically avoid interacting with large centralized exchanges like Binance. These exchanges require Know Your Customer (KYC) verification and such platforms may expose their identities.

Related Post: Crypto Influencer Accounts Hacked

Echoes of Past Crypto Capers

The BNB Chain exploit comes just a week after a recent $23 million Gala (GALA) token heist targeting Gala Games.

However, the attacker behind the Gala Games heist made an unexpected move. After stealing and selling 600 million GALA tokens a day earlier, the hacker’s wallet containing the pilfered funds was frozen. The perpetrator then returned $22.3 million worth of Ether – nearly equal to the market value of the stolen GALA at the time.

This happened after Schiermeyer made a public statement on May 20th via X and Discord, where he claimed that the alleged attacker had been identified, including their home address.

Just weeks prior, the community witnessed another crypto hacking incident: a hacker stole $71 million worth of cryptocurrencies through a wallet-poisoning scam and unexpectedly returned the stolen funds to the victim.

The reversal occurred on May 12, shortly after multiple blockchain investigation firms brought widespread attention to the high-profile incident.

However, analysis of the on-chain transactions suggests the attacker’s motives were likely not altruistic. Security experts believe the perpetrator was a malicious actor, not an ethical white hat hacker.

The main theory is that the attacker got spooked by the intense scrutiny and mainstream media coverage the case received. Returning the stolen crypto may have been an attempt to avoid identification and potential legal consequences once the theft came into the spotlight.

These incidents have fueled speculation about whether the BNB Chain attacker could be an ethical hacker with noble intentions or a malicious actor who got cold feet.