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Hopefully you are within 7 years and 70k miles from your purchase. Sounds like a timing chain and guide failure. BMW extended the coverage for this to 7yrs/70k and will replace the timing chain and plastic guides, and perhaps the engine if its toast. How many years/miles on yours?
Btw, I just got mine replaced just under warranty by a few days. Mine didn't blow up like yours, but I heard the whine that let me to believe this was the issue.
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