According to reports, the network had tokens worth almost $100 million stolen. But before the hack, Official BNB Chain published a statement that included a thorough plan.
Shocked the cryptocurrency community worldwide.
According to reports, the network had tokens worth almost $100 million stolen. But before the hack, Official BNB Chain published a statement that included a thorough plan.
Chain governance will be introduced by Binance.
This incident has dealt the biggest cryptocurrency exchange in the world a rare setback. However, it caused a significant impact in the already unstable market for digital assets. The crypto business is now having trouble overtrusting the market.
What will happen following this exploit was specified in the release. It provided answers to questions like what would happen to the stolen money. Is it going to freeze or not? Whether BNB will use the auto burn to reimburse the remaining amounts stolen is unknown.
According to the press release, BNB apologised to the community for the exploit. However, it made reference of the BSC validator voting feature being activated for all viewpoints. The BNB Beacon Chain will be upgraded in the next days to do this.
In order to defend against potential future attacks, Binance highlighted the introduction of a new on-chain governance system on the BNB network.
Future Whitehat programme problems discovered?
It will be established a whitehat programme for potential bugs. While offering $1 million for each big bug discovered. The business also mentioned that there will be a reward for finding hackers. From from point forward, they will receive about 10% of the recovered funds.
However, as time goes on, the number of community validators will increase. This, in the opinion of Binance, is crucial for the development of Web3.
Since the BSC discovered the exploit, the price of BNB has decreased by about 4%. At the time of publication, it is selling for an average price of $285. Its $45.8 billion 24-hour trading volume has increased by 76%.
