Cross-chain bridge hacks have become a common occurrence in the past year. In June, a hacker exploited a vulnerability to steal $100 million from Harmony’s Horizon Bridge, and in August,attackers drained $190 million worth of crypto from the Nomad cross-chain bridge. So far this year, about $2 billion in cryptocurrency has been stolen in cross-chain bridge hacks, according to blockchain data firm Chainalysis. The Plasma Bridge is for devs that need increased security.
- Visit the website of Multichain and connect your Metamask crypto wallet.
- It essentially lets anyone convert selected coins into wrapped tokens (or “pegged tokens”) to be used on BNB Chain.
- Bridging and cross-chain transfers are not limited to just normal assets or fungible tokens either.
- You can also use the Polygon Bridge to transfer tokens from Polygon to Ethereum.
- On a blog post on Friday morning, it said “First, we want to apologize to the community for the exploit that occurred.
It supports the transfer of Ether and other Ethereum tokens, including ERC-20, ERC-721, ERC-1155, and more. You can also use the Polygon Bridge to transfer tokens from Polygon to Ethereum. Similarly, you’ll need a compatible crypto wallet, such as MetaMask. You will have to switch your wallet’s network to BNB Chain in order to perform the cross-chain bridging your selected token from Binance to Polygon.
If you have any issues, please contact customer support of Binance.com. On the other hand, if you do have a Binance account, deposits and withdrawals are open for a number of BEP-2 and BEP-20 assets. This way, you don’t have to worry about wrapping the assets yourself, and you can store, trade, and transfer them like any other token.
As a layer-2 network, Polygon acts as an add-on layer to Ethereum that isn’t looking to change the original blockchain layer. Polygon wishes to help enable Ethereum to expand in size, security, efficiency, and usefulness. All while seeking to spur developers to bring enticing products to market. The token underpinning the network is called MATIC and is used as the unit of payment and settlement between participants who interact within Polygon. These bridges are designed to facilitate the transfer of assets from one independent blockchain to another. It seems likely that October’s Binance bridge hack will only light a further fire under the exchange’s determination to work with global regulators to establish tough rules and security protocols.
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It lets anyone convert their crypto assets into BNB Chain wrapped tokens. It’s also true that bridge exchanges typically store large reserves of various tokens or assets, for the speedy transaction of business or the transfer of assets from one chain to another. Blockchain bridges have long been understood to be a weak link https://xcritical.com/ in the whole chain of decentralized finance, but if you needed a reminder of that fact, a potential $570 million hack should serve more than adequately. Binance, the self-styled “largest crypto exchange by trading volume” is your host for this latest lesson in the perils of a major monetary system with a weak link.
A Binance-linked blockchain suffered the multimillion dollar hack late on Thursday, October 6th. To interact with DApps and tools on Polygon, you need to transfer your assets to the Polygon network. The Polygon Bridge is a trustless cross-chain transaction channel between Polygon and Ethereum. It allows users to transfer ERC tokens and non-fungible tokens to the Polygon sidechain, all through the use of smart contracts. The Polygon Bridge is designed to increase interoperability between the Polygon and Ethereum blockchains. With a compatible cryptocurrency wallet, users can easily transfer tokens back and forth.
What is Fantom?
The main network of Fantom, i.e., Fantom Opera has been developed on the foundations of Lachesis, a new and unique consensus mechanism. We repurposed the previously decommissioned Binance Bridge, added new features, and gave it a new look to make bridging between Ethereum and BNB Smart Chain easier than ever before. The original Binance Bridge supported only tokens listed on Binance.com, but with Binance Bridge 2.0, you can look forward to bridging even more tokens, including some of the tokens not listed on our exchange. These unlisted tokens will be bridged to BNB Smart Chain as wrapped BTokens and enable you to experience the decentralized BNB Chain ecosystem. The Binance Bridge service was created to help users transfer crypto-assets such as BTC, USDT, BUSD, and ETH to different chains efficiently and effectively.
The blog post adds that a new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend against future possible attacks. We apologize for the inconvenience and will provide further updates accordingly,” said Zhao. You can monitor your daily limit at the top of bridge page. You can also verify the swap process from the “History” board. You should initiate a single transfer; the system will only monitor the first transfer transaction.
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You will then receive your bridged tokens on Polygon. Choose Binance Smart Chain and Fantom blockchain as the two networks you want to bridge assets with. One of the essential pointers for understanding the use of a Fantom Bridge would refer to the foundations underlying Fantom. The majority of decentralized applications have to opt for compromises in one of the factors between decentralization, security, and scalability.
You’ll see a pop-up from your MetaMask extension with the Polygon network details. Make sure that you’ve already connected your MetaMask wallet. However, you can also use the Polygon Wallet interface to quickly add Polygon to the network list of your MetaMask. After selecting the token, enter the amount you want to send and click . With many large-scale applications in Metaverse, GameFi, SocialFi and others being incorporated into the BNB Chain, Binance is positioning BNB as a token for the Binance ecosystem, which serves several sectors. When approached for comment, Binance spokesperson Ismael Garcia declined to comment beyond the blog posted by the BNB Chain team, which says that the BNB Chain is now back up and running.
Without any concept of ‘Masternodes’ or delegation, the consensus mechanism behind Fantom ensures the best value advantages for them. However, it is also important to learn about the blockchain networks you want to bridge before identifying the suitable choice of bridge between them. The following discussion serves as a comprehensive introduction to the Binance Smart Chain and Fantom blockchain.
Once contract approval is done, you can select the assets and amount you want to Bridge Binance Smart Chain to Fantom blockchain. You must also specify the network details before clicking on ‘Swap’ for the bridging process. Visit the website of Multichain and connect your Metamask crypto wallet. You have to configure the Metamask for other networks, such as Binance Smart Chain, before bridging assets.
$110 million Binance hack proves blockchain bridge vulnerability
Now, you can access the AnySwap Bridge and choose the BSC mainnet option in the ‘From’ section of the protocol. You must also specify the asset you want to bridge from BSC in the ‘From’ section of AnySwap bridge. You need to fund your wallet with FTM tokens for using a BSC to FTM Bridge like AnySwap. Users can acquire FTM tokens in their wallets through centralized exchanges or by claiming airdrops and rewards. Buy, sell and trade cryptocurrency on the go with the new Binance.US app 2.0.
As a matter of fact, the Fantom blockchain has been created with Lachesis at its core. The Lachesis consensus mechanism allows operations with digital assets at higher speeds in comparison to the conventional methods. The consensus mechanism of Fantom also offers a significant advantage with asynchronous leaderless BFT consensus for better security.
Binance Bridge V2 Release
Binance Chain Wallet and Metamask wallet are currently supported. All data shown here is aggregated from the blockchain. Blacklist allows the owners to exclude addresses from transactions. Zhao also defended Binance as a safe place to park one’s crypto assets, insisting it did not participate in the risky and possibly illegal behavior that brought down FTX.
What is a Blockchain/Crypto Bridge?
There is liquidity-based bridging where there are liquidity pools of an asset on both the source and destination blockchains. There is also canonical-based bridging where an asset is locked on the source chain and a new asset that represents that locked asset is created on the destination chain. BNB is the native cryptocurrency token that fuels the BNB Chain ecosystem and serves as a governance and utility token fueling transactions on the BNB Chain, similar to gas on Ethereum. Wait for your cross-chain bridge transaction to Polygon to complete.
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If all of the cross-chain bridging transaction information is correct and acceptable, click the “Transfer” button and approve the transaction prompts to begin the cross-chain transfer. Enter the amount and type of assets you want to bridge between the two networks of your choice. Access the Synapse protocol through the official website and connect your desired crypto wallet, such as Metamask.
Firstly, the Binance hack is in and of itself nothing particularly special – hackers have found a new and relatively easy way to raise enormous sums of money, by focusing their attention on blockchain bridges. They’re likely to continue to hit those bridges for as long as they remain profitable targets, and as long as they remain relatively straightforward to attack. The Polygon Bridge uses a dual-consensus architecture to optimize for speed and decentralization.
If you decide to move funds back to the Ethereum network, it can take up to 3 hours. Pi token has no price at current time, and so does wPi. erc20 vs kcc Our team will not add any liquidity for wPi at the moment. Georgia Weston is one of the most prolific thinkers in the blockchain space.
I think the crypto industry has learned why we have banking regulation. After the challenge period, all you need to do is click to send the MATIC tokens to your MetaMask wallet. You’ll also see the estimated gas fee for this transaction. The system will automatically select for the transfer mode.
If you don’t have your SCW yet, Binance App will guide you through the process. The main advantage of having your own SCW is that only you will hold the private keys. In the past week, $1.2B in stablecoins have been withdrawn from Binance, per Nansen data, while OKX, KuCoin, Kraken, Bitfinex and Huobi have each seen their stablecoin balances drop by more than $100M. Stablecoin balances at leading decentralized exchanges Uniswap and Curve have also dropped by hundreds of millions in the past week. Brian Koome is a cryptocurrency enthusiast who has been involved with blockchain projects since 2017.