Share this article
BNB Smart Chain to Perform Hard Fork as Fix for $100M Exploit
The "temporary urgent patch" release will take occur at around 08:00 UTC on Oct. 12.
Updated May 9, 2023, 3:58 a.m. Published Oct 11, 2022, 3:21 p.m.
The BNB Smart Chain (BSC) will this week perform a hard fork as a fix for the exploit on Oct. 6 that drained an estimated $100 million from the platform.
The "temporary urgent patch" release will occur at around 08:00 UTC (12 p.m. ET) on Wednesday, Oct. 12, according to a post on GitHub Tuesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
A hard fork is a change to a blockchain protocol that renders older versions invalid. It may be performed when a network makes fundamental changes to its mechanics or governance or, as in this case, as a means of fixing weaknesses that have resulted in hacks or exploits.
The BNB Chain, the blockchain closely linked to cryptocurrency exchange Binance, is composed of BNB Beacon Chain and BNB Smart Chain (BSC).
Binance said deposits and withdrawals for the BSC network will be suspended starting an hour before the hard fork and will be re-started once the upgraded network is deemed to be stable.
BSC was afflicted by an exploit on Oct. 6 which drained around $100 million in crypto. BSC responded by shutting down the chain after spotting issues with the BSC Token Hub protocol, the clearinghouse for transactions moving between the network's composite parts. Operations were subsequently resumed on Oct. 7.
Read more: Binance Exec: BNB Smart Chain Hack Could Have Been Worse if Validators Hadn’t ‘Sprung Into Action’
UPDATE (Oct. 11, 2022 15:29 UTC): Adds detail on deposits and withdrawals being suspended.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Euro Stablecoin Market Cap Doubles in Year After MiCA, Study Finds
Prior to MiCA, euro-denominated stablecoins' market cap contracted by 48% in the year leading up to June 2024.
What to know:
- Euro-stablecoin market capitalization more than doubled in the 12 months after the June 2024 rollout of relevant MiCA regulations, reversing a 48% decline from the prior year.
- EURS, EURC and EURCV saw the strongest gains.
- Monthly euro stablecoin activity jumped US$3.8 billion from US$383 millionand consumer search interest rose sharply across multiple EU countries.
Top Stories
