Hackers target Binance Smart Chain

Transactions on the Binance Smart Chain, the leading crypto exchange, were halted early on October 8 after a security breach was discovered on its cross-chain bridge, BSC Token Hub, as per media reports. While initial estimates said that the hackers got away with stolen funds worth between $100 and $110 million, Binance CEO Changpeng Zhao has now taken to Twitter to confirm the incident, as he reassured the platform's users that their funds were safe.

"An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly," Changpeng Zhao tweeted.

According to Sam Sun, head of security at Paradigm, the hacker tricked the Binance Bridge into sending out 1 million BNB tokens (cryptocurrency coin powering the BNB Chain ecosystem). As the exploit worked, the hacker used the same method to send out an additional 1 million BNB tokens to an address controlled by the threat actors. The 2 million BNB tokens would be worth over $540 million, making it one of the largest exploits in crypto history. Blockchain security firm SlowMist has confirmed the figure in a tweet, while stating that the misappropriated assets included ETH, MATIC, BNB, AVA and other tokens.

As per a CNBC report, the actual extent of the hack is estimated to be considerably less due to the crypto community's mitigation and containment efforts. Network validators were also asked to temporarily suspend transactions on BSC, thwarting the hacker's efforts to transfer funds off-chain.

According to a blog post, the hacker was only able to transfer between $100 million-$110 million off-chains, of which "an estimated $7 million has already been frozen." The biggest relief is that the BSC users won't be affected by this cybercrime, as the stolen tokens didn't belong to them. This is the third attack on cross-chain bridges in 2022. Prior attacks saw $650 million and $100 million syphoned from the Ronin and Horizon bridges, respectively.

International benchmark Brent crude futures, which stood at $100 a barrel is at $85.46 a barrel

Elon Musk completed the $44 billion acquisition of Twitter on October 28 2022

Oil production cut by OPEC+

In its recent meeting, OPEC+ decided to slash their daily oil production by two million barrels, citing a fall in the crude oil values in 2022. However, experts and industry stakeholders now fear a rise in fuel prices. The Brent crude value jumped another almost 2% to more than $93 (£82) a barrel in October 2022. International benchmark Brent crude futures, which stood at $100 a barrel is at $85.46 a barrel. An official of the RAC motoring group told the BBC that the OPEC+ decision would force up the wholesale fuel cost. "The question is when, and to what extent, retailers choose to pass these increased costs on at their forecourts," spokesman Simon Williams said.

UK's expensive house under renovation

The United Kingdom's most expensive home, sold in 2020 to a Chinese billionaire, is on the market again, as per a Guardian report. The 45-room mansion in London, which overlooks Hyde Park, was once owned by Saudi Prince Sultan bin Abdul-Aziz. The mansion has a 40-foot swimming pool which cost £200,000. As per reports, plans have been drawn up to convert the house into a private palace, with a two-level basement and a ballroom. Once finished, this high-profile property’s price tag will go as high as £500 million. As per a Financial Times report, the last owner of the property was Hui Ka Yan, former chairman of the Evergrande Group.

ADIB witnesses net profit Tesla employees to work for Twitter

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Abu Dhabi Islamic Bank (ADIB) has reported its highest quarterly net profit of over Dh1 billion ($274.9 million) in the third quarter of 2022. The bank witnessed a 105% rise in its net profit compared with the Dh 493 million earned in the 2021 period. It also registered an annual growth of 53% in its net profit to over Dh2.4 billion. Revenue for the January-September period jumped 10% to more than Dh4.5 billion compared to Dh4 billion in 2021. The growth was driven by a 22% increase in fees and commissions and another 10% rise in funded income to Dh2.8 billion. Customer deposits rose 26% year-on-year to reach Dhs138bn, versus Dhs110bn in 2021.

China’s property boom has been a huge driver of the country’s economic growth -- the sector is responsible for around one-quarter of GDP