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News

Jump Crypto Detects Critical Flaw In BNB Beacon Chain

February 12, 2023 - Around 2 mins mins to read

Key Points:

  • Jump Crypto published an article on its website saying that they have discovered a vulnerability in the Binance BNB Beacon Chain.
  • The vulnerability would have allowed an attacker to mint an infinite number of arbitrary tokens on the Binance BNB Chain, which could have led to a large loss of funds.
  • Thanks to the Jump team’s swift action, no malicious exploitation took place and no funds were lost.
The governance and staking layer of the Binance BNB Chain, known as the Binance BNB Beacon Chain, was found to be vulnerable, according to an article published by Jump Crypto on its website.
Jump Crypto Detects Critical Flaw In BNB Beacon Chain

The EVM-compatible Smart Chain (BSC) and the Beacon Chain are the two blockchains that make up the BNB Chain built on top of Tendermint and Cosmos SDK.

According to the blog post, the Beacon Chain does not follow the upstream version of Cosmos SDK but uses a BNB fork hosted on GitHub. This forked version contains several BNB-specific changes. It deviates from the Cosmos SDK upstream in several ways, which leads to a number of issues to consider.

Due to the vulnerability, an attacker may have created an endless supply of any tokens on the Binance BNB Chain, which might have resulted in a significant financial loss.

The Binance BNB team was confidentially informed of the problem by Jump Crypto’s committed security team, and they quickly created and applied a solution. They responded quickly, preventing any malicious exploitation and funds loss.

BNB Chain is also the chain with a significant loss with an exploit of nearly $100 million in 2022. It is also one of the chains with strong on-chain activity with 233 million wallet addresses recorded in December 2022.

The BNB Chain development team also recently announced the launch of BNB Greenfield, a decentralized storage infrastructure within the ecosystem, where users and dApps can create, store and exchange data with full ownership to form a new data economy.

The BNB Greenfield white paper has been released. Potential use cases for BNB Greenfield include personal cloud storage, hosting and deploying websites, new social media models, and storing terabytes of data from BNB Smart Chain and L2 Rollup transactions.

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

Harold

Coincu News

Binance

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BNB Beacon Chain

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Jump Crypto Detects Critical Flaw In BNB Beacon Chain

Key Points:

  • Jump Crypto published an article on its website saying that they have discovered a vulnerability in the Binance BNB Beacon Chain.
  • The vulnerability would have allowed an attacker to mint an infinite number of arbitrary tokens on the Binance BNB Chain, which could have led to a large loss of funds.
  • Thanks to the Jump team’s swift action, no malicious exploitation took place and no funds were lost.
The governance and staking layer of the Binance BNB Chain, known as the Binance BNB Beacon Chain, was found to be vulnerable, according to an article published by Jump Crypto on its website.
Jump Crypto Detects Critical Flaw In BNB Beacon Chain

The EVM-compatible Smart Chain (BSC) and the Beacon Chain are the two blockchains that make up the BNB Chain built on top of Tendermint and Cosmos SDK.

According to the blog post, the Beacon Chain does not follow the upstream version of Cosmos SDK but uses a BNB fork hosted on GitHub. This forked version contains several BNB-specific changes. It deviates from the Cosmos SDK upstream in several ways, which leads to a number of issues to consider.

Due to the vulnerability, an attacker may have created an endless supply of any tokens on the Binance BNB Chain, which might have resulted in a significant financial loss.

The Binance BNB team was confidentially informed of the problem by Jump Crypto’s committed security team, and they quickly created and applied a solution. They responded quickly, preventing any malicious exploitation and funds loss.

BNB Chain is also the chain with a significant loss with an exploit of nearly $100 million in 2022. It is also one of the chains with strong on-chain activity with 233 million wallet addresses recorded in December 2022.

The BNB Chain development team also recently announced the launch of BNB Greenfield, a decentralized storage infrastructure within the ecosystem, where users and dApps can create, store and exchange data with full ownership to form a new data economy.

The BNB Greenfield white paper has been released. Potential use cases for BNB Greenfield include personal cloud storage, hosting and deploying websites, new social media models, and storing terabytes of data from BNB Smart Chain and L2 Rollup transactions.

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

Harold

Coincu News

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