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BNB Smart Chain Resumes Operations After $100M Exploit
A tweet from the official BNB chain Twitter account indicates the chain is back in operation after pushing out a software update to freeze hackers' accounts.
The BNB Smart Chain (BSC) resumed operations at around 06:40 Coordinated Universal Time (UTC) as chain validators adopted a software update that would close the exploit used by hackers to drain funds off-chain.
- BNB Chain, a blockchain closely linked to the crypto exchange Binance, is composed of BNB Beacon Chain and BNB Smart Chain (BSC).
📢BNB Smart Chain (BSC) is running ok from 20+ mins ago.
— BNB Chain (@BNBCHAIN) October 7, 2022
The validators are confirming their status and the community infrastructure are upgrading as well.
STORY CONTINUES BELOW
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- The BNB Chain was halted earlier after an exploit was discovered that drained $100 million in crypto from the platform; $7 million of the total crypto has already been frozen.
- BNB Chain announced that it will hold a series of on-chain governance votes that will decide whether the hacked funds should be frozen. There will also be a vote on a bug bounty reward system to prevent future hacks from happening.
- BNB token is down 3.35% and is trading at $284.51.
UPDATE (Oct. 7, 2022 06:45 UTC): Adds details about BNB Chain.
UPDATE (Oct. 7, 07:13 UTC): Updates headline and first paragraph with new information.
UPDATE (Oct. 7, 09:50 UTC): Adds BNB Chain governance vote proposals.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
