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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.

By Sam Reynolds
Updated May 9, 2023, 3:58 a.m. Published Oct 7, 2022, 5:44 a.m. 1 min read
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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).
  • 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.

BNBBinance ChainBinance

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