Following the $100 Million Fraud, BNB Smart Chain Resumes Operations
New York City: Following the rollout of a software upgrade to freeze the accounts of hackers, the official Twitter account for the BNB chain has indicated in a tweet that the chain is now functioning normally again.
At around 6:40 Coordinated Universal Time (UTC), the BNB Smart Chain (BSC) resumed operations as chain validators approved a software upgrade that would shut the vulnerability that hackers were using to drain cash off-chain. This update would prevent hackers from using the attack.
BNB Chain is a blockchain that is intimately connected to the cryptocurrency exchange Binance. It is made up of two different chains: BNB Beacon Chain and BNB Smart Chain (BSC).
An exploit that caused $100 million worth of cryptocurrency to be removed from the network was identified earlier, which led to the BNB Chain being suspended; $7 million of the total cryptocurrency has already been frozen.
BNB Chain has made an announcement that it would conduct a number of on-chain governance votes to determine whether or not the compromised monies should be froze. In addition to this, there will be a vote on the implementation of a bug bounty reward system in order to forestall the occurrence of future hacks.
The price of BNB coin has decreased by 3.35% and is now trading at $284.51.