BNB Chain Conducts Governance Votes To Decide To Freeze Funds In The Hacker’s Address
The BNB Chain has been restarted after being shut down for many hours to investigate a massive bridge exploit.
An unknown hacker stole about $560 million in BNB from the network’s cross-chain bridge, known as the BSC Token Hub, on Thursday. According to security firm SlowMist, the hacker shifted more than $100 million to other chains out of this total.
On BNB Chain, the perpetrator’s address owned about $430 million in BNB tokens.
The hacker used a security flaw to create security proofs that allowed him to extract the bridge’s locked cash. All withdrawal requests on the bridge required these documents.
In reaction to the vulnerability, the team shut down the blockchain, instructing all 44 validators (including 26 active validators) to cease activities. This was done to prevent the hacker from making any further changes and to reclaim control of monies that remained on the BNB Chain. The team stated:
“Decentralized chains are not designed to be stopped, but by contacting community validators one by one, we were able to stop the incident from spreading. 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.”
While the BNB Chain has already prevented cash from being transferred from the hacker’s wallet, the project will have a governance vote to formalize the decision and make a final decision on what to do with those monies.
Furthermore, the BNB Chain governance will vote on publishing a bounty for finding hackers, with a payout of 10% of recovered assets. Finally, it revealed plans for a white hat bug bounty scheme, which would pay up to $1 million for each security flaw discovered on the BNB network, including the compromised bridge.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
News
BNB Chain Conducts Governance Votes To Decide To Freeze Funds In The Hacker’s Address
The BNB Chain has been restarted after being shut down for many hours to investigate a massive bridge exploit.
An unknown hacker stole about $560 million in BNB from the network’s cross-chain bridge, known as the BSC Token Hub, on Thursday. According to security firm SlowMist, the hacker shifted more than $100 million to other chains out of this total.
On BNB Chain, the perpetrator’s address owned about $430 million in BNB tokens.
The hacker used a security flaw to create security proofs that allowed him to extract the bridge’s locked cash. All withdrawal requests on the bridge required these documents.
In reaction to the vulnerability, the team shut down the blockchain, instructing all 44 validators (including 26 active validators) to cease activities. This was done to prevent the hacker from making any further changes and to reclaim control of monies that remained on the BNB Chain. The team stated:
“Decentralized chains are not designed to be stopped, but by contacting community validators one by one, we were able to stop the incident from spreading. 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.”
While the BNB Chain has already prevented cash from being transferred from the hacker’s wallet, the project will have a governance vote to formalize the decision and make a final decision on what to do with those monies.
Furthermore, the BNB Chain governance will vote on publishing a bounty for finding hackers, with a payout of 10% of recovered assets. Finally, it revealed plans for a white hat bug bounty scheme, which would pay up to $1 million for each security flaw discovered on the BNB network, including the compromised bridge.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Other Posts
Related Posts
Latest
Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6
Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!
Press Release
Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6
The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!
