cryptoknowmics.com
Earlier today, Binance's BNB Chain was back online after it was reported to be down after a hacker exploited a vulnerability in the network and stole 2 million BNB tokens. Its validators shut down native cross-chain communication as they upgraded their nodes. The upgrade's goal was to prevent the hacker from doing more damage. Binance announced the BNB Smart Chain's resumption of operations in the early hours of October 7. https://twitter.com/binance/status/1578286204277047296 Since the stolen money was not taken from wallets but was newly minted by the attacker, the Binance Bridge and Changpeng Zhao informed the token holders that "all money was safe." Binance suspended deposits and withdrawals from its BNB chain on October 6 after a hacker roughly transferred about 2 million Binance tokens.
"It was not that easy as BNB Smart Chain has 26 active validators at present and 44 in total in different time zones. This delayed closure, but we were able to minimize the loss," the team said.
On-Chain Governance Votes
After the massive exploit, the firm announced that there would be on-chain governance votes to determine the following four actions for its common good.
- What to do with the hacked funds, freeze or not to freeze?
- Whether to use BNB Auto-Burn to cover the remaining hacked funds or not.
- A Whitehat program for future bugs found, $1M for each significant bug.
- A bounty for catching hackers, up to 10% of the recovered funds.
A BNB Beacon Chain upgrade would enable the BSC validator voting function for general opinions in the coming days. On the BNB Chain, the firm would implement a new on-chain governance structure to thwart and repel potential future attacks.