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B2 B² Network suffered a token theft incident and the attacker sold 8.59 million B2 tokens.
B² Network appears to have suffered a token theft incident involving 8.59 million B2 tokens. Before the stolen assets were sold on BNB Chain, the tokens were worth approximately $3.86 million.
On-chain tracking agency Lookonchain tracked transactions after tokens were transferred to addresses controlled by attackers. All the stolen tokens were exchanged for 5,409 BNBs worth approximately US$3.01 million, which meant a slip point and price shock of approximately US$850,000 occurred during the sell-off.
The average selling price for this transaction was approximately US$0.35 per B2 token, which is lower than the price of approximately US$0.45 when the assets were initially discovered stolen. After the transfer occurred, the trading price of B2 remained around $0.45 on Thursday.
The number of stolen coins accounted for approximately 4.1% of the total B2 supply of 210 million coins. B2 tokens are used for the governance, pledge and ecological activities of the B² Network. B² Network is a Bitcoin Layer-2 ecosystem with applications covering decentralized finance, mining and artificial intelligence.
Funds transferred from BNB Chain to Ethereum
Attackers bridge proceeds gained through BNB to Ethereum and exchange them for ETH and USDT. These assets are then deposited into two cross-chain services, NEAR Intention and HOT Protocol, which can route funds to multiple networks and multiple assets.
Using these services makes it difficult to track current balances through a single wallet, but it does not prove that the two platforms themselves have been compromised. The trading path begins with the transfer and sale of B2 tokens before the proceeds enter their cross-chain infrastructure.
As of the time of publication of this article, no event notices, affected contracts, recovery plans, or user action guidelines have appeared in the official announcement channel of B² Network. The project also did not clarify whether the tokens came from cross-chain bridges, funds pools, pledge contracts or hacked wallets.
Due to the lack of technical review by the B² Network or an independent security agency, the authorization path behind the transfer of the 8.59 million coins remains unconfirmed.
The token theft follows multiple cross-chain bridge exploits
Prior to this B2 token transfer incident, an attacker used authorizations related to five hot validators to steal $24.15 million in USDC from AFX Trade's Arbitrum Cross-chain Bridge. The funds were then bridged to Ethereum and exchanged for 12,467 ETH.
In addition, Wanchain also disabled its Cardano-BNB Chain Cross-Chain Bridge after discovering that 515 million NIGHT tokens were stolen from its vault through transactions suspected of signature replay vulnerabilities.
Another independent oracle attack occurred on the 42DAO, causing attackers to use manipulated BTCB prices to trigger treasury clearing and under-collateralized token issuance, causing the price of Balance Coin to fall by more than 99% from its U.S. dollar anchor target.
