BNB Chain Conducts Moran Hard Fork Update After The $100 Million Hack
BNB Chain has completed the Moran hard fork update in an effort to restore and safeguard infrastructure following a massive breach last week.
The hard fork — a blockchain update that makes a significant change to the network’s core software — was completed successfully at 8 a.m. UTC on Wednesday at a block height of 22,107,423.
It was primarily carried out to apply a software patch that addressed a serious vulnerability exploited by an unknown attacker last Friday to steal more than $100 million from BNB Chain’s cross-chain bridge.
On Tuesday, the development team announced the update through GitHub, stating it will perform a hard fork to apply a fix and re-enable the network’s cross-chain architecture.
Users can utilize this cross-chain bridge to move assets between the two blockchains that comprise the BNB Chain network: Beacon Chain and Smart Chain.
While the BNB Beacon Chain manages network governance and staking, the Smart Chain is utilized to build apps using an Ethereum Virtual Machine-compatible smart contract platform. With the use of the Token Hub bridge, each of these chains may link to other third-party chains.
Today’s hard fork will assist BNB Chain in resuming full bridge operations and securing the network’s overall architecture.
According to a recent post from the team, with this hard fork, the team is anticipated to move on to its next plan of action, which is to hold governance votes to decide whether to freeze cash stored in the hacker’s address on BNB Chain and auto-burn them.
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.
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Website: coincu.com
Harold
CoinCu News
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Blockchain
BNB Chain Conducts Moran Hard Fork Update After The $100 Million Hack
BNB Chain has completed the Moran hard fork update in an effort to restore and safeguard infrastructure following a massive breach last week.
The hard fork — a blockchain update that makes a significant change to the network’s core software — was completed successfully at 8 a.m. UTC on Wednesday at a block height of 22,107,423.
It was primarily carried out to apply a software patch that addressed a serious vulnerability exploited by an unknown attacker last Friday to steal more than $100 million from BNB Chain’s cross-chain bridge.
On Tuesday, the development team announced the update through GitHub, stating it will perform a hard fork to apply a fix and re-enable the network’s cross-chain architecture.
Users can utilize this cross-chain bridge to move assets between the two blockchains that comprise the BNB Chain network: Beacon Chain and Smart Chain.
While the BNB Beacon Chain manages network governance and staking, the Smart Chain is utilized to build apps using an Ethereum Virtual Machine-compatible smart contract platform. With the use of the Token Hub bridge, each of these chains may link to other third-party chains.
Today’s hard fork will assist BNB Chain in resuming full bridge operations and securing the network’s overall architecture.
According to a recent post from the team, with this hard fork, the team is anticipated to move on to its next plan of action, which is to hold governance votes to decide whether to freeze cash stored in the hacker’s address on BNB Chain and auto-burn them.
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
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