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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.
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.
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