BNB Chain Network Hard Fork Activated to Eliminate Critical Vulnerability

A hard fork has been successfully activated in the BNB Chain network of the largest cryptocurrency exchange Binance. The update was implemented as an emergency measure following the $100 million BSC Token Hub cross-chain bridge hack.

The Moran hard fork was activated on the mainnet at block #22 107 423, on the testnet at #23 603 940. This was mainly done to introduce a software patch that fixed a critical vulnerability exploited by an unknown attacker last week. after the hack, the blockchain was stopped for almost a day – all BSC validators were asked to temporarily stop work, after which the problem was taken under control. As a result of the attack, the hackers were able to steal over $570 million worth of digital assets, but only managed to withdraw $100 million.

bSC upgrade with v1.1.16 happened around 9AM UTC. It went peacefully. Many cross-chain transactions were queued, so it will take a few hours to fully replay.

Staking rewards accumulated will go out into individual wallets at the following 00:00 UTC.

— V (@v_bnbchain) October 12, 2022

the developers announced the update on GitHub, emphasizing that a hard fork is needed to roll out the patch and re-enable the network’s “cross-chain infrastructure”.

The Token Hub cross-chain bridge allows users to transfer assets between two separate blockchains that make up the BNB Chain network: Beacon Chain and Smart Chain. while BNB Beacon Chain handles network management and staking, Smart Chain is used as a smart contract platform compatible with the Ethereum Virtual Machine to deploy applications. Both of these blockchains can connect to other third-party blockchains using the Token Hub bridge.

 387 total views,  1 views today

Leave a Comment