BNB Chain addresses cross-chain security following network vulnerability
New York City: BNB Chain team issued an official statement addressing the attack and the cash that were taken. On October 11, the team issued a second statement regarding the decentralization of the network.
and the Binance cryptocurrency exchange, has been the focus of events pertaining to security throughout the course of the last month.
On Thursday, October 6, the network was subject to a cross-chain attack that was worth many millions of dollars. Because to the event, BNB Chain was forced to temporarily halt all deposit and withdrawal transactions taking place on the network.
As rumors were confirmed, the CEO of Binance, Changpeng Zhao, tweeted out an apology for any inconvenience caused to the BNB Chain community as a result of the network outage. Initially, the announcement of the network outage cited “irregular activity,” with an update stating that it was “under maintenance.”
Nevertheless, the BNB Chain Team declared that the network was back up early on October 7—just a few hours after the attack—indicating that the suspension was just temporary. As soon as the network started functioning normally again, its validators were prompted to verify their locations and requested to improve the community’s infrastructure.
Later on the same day, BNB Chain issued its first formal statement, in which it thanked the community for its support during the crisis and outlined the further actions that would be taken to ensure the continued safety of the network.
The BNB Chain Team issued a statement in which it apologized to users and admitted responsibility for the exploit. In addition to that, they voiced their appreciation for how quickly the problem was recognized and handled by the community.
The hacker was able to extract a total of 2 million BNB during the attack on October 6, which is equivalent to around $568 million as of the time this article was written. This amount was verified in the team’s official statement, which was made public earlier today.
Additionally, during the event, it indicated that there were 26 active validators on the BNB Smart Chain, with a total of 44 located in various time zones.
According to Lewellen, continuous real-time security monitoring is able to keep an eye on the processes that comprise the decentralized space without impacting or interfering with those operations in any way. Researchers are also looking at the possibility of reversible cryptocurrency transactions as a potential solution to the problem of criminal activity in the business.
Following the discovery of the vulnerability, BNB Chain issued a following statement in which they addressed the decentralization of their network. Many Twitter users had voiced their disapproval of the exploit.
The response that was given by BNB Chain was that “decentralization is a journey,” and although it is true that it is now less decentralized than the Ethereum blockchain, it is “more decentralized than many others.”
In the span of less than a week after the BNB Chain hack, another incident occurred in which $100 million was stolen from the Solana decentralized financial platform Mango Markets. The Solana network is also often criticized for being excessively centralized.
On October 12, the network released its most recent testnet update, version 1.1.16, regardless of the hack or the ongoing discussion over centralization.