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Finally, BNB smart chain resumes its network operations

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Finally, BNB smart chain resumes its network operations 8

After 7 hours of stoppage, Binance Smart Chain (BSC) network operation was resumed by the BNB community smoothly.

Today, a cross-chain protocol between BNB Bep20 & BNB Bep20 was exploited by a hacker because of a vulnerability. BNB coin is backed by the Binance exchange. Changpeng Zhao, CEO & founder of Binance, responded on Twitter to this exploit & confirmed that the attack resulted in the loss of approximately $100 million. 

Around 6 hours & 30 minutes ago, from the time of publishing this article, BNBChain announced that the network has been resumed & validators are confirming their status.

Few crypto & blockchain proponents supported the BNBchain Devs team & Changpeng Zhao to admit the hack attack and sudden response action to ensure the safety of the Investors. 

Zhao thanked all people for supporting him in this situation and said that he followed the basic principles under critical situations and also admitted that he was not involved in the backend technical activities to handle the situation as Vitalik Buterin does in the Ethereum project.

Through a dedicated blog post, the BNBchain team confirmed that they will take four important decisions via BNB governance method regarding this incident, which are the following:

  • What to do with the hacked funds, freeze or not to freeze?
  • Whether to use BNB Auto-Burn to cover the remaining hacked funds, or not?
  • A Whitehat program for future bugs found, $1M for each significant bug found.
  • A Bounty for catching hackers, up to 10% of the recovered funds.

Initially when Zhao announced the closure of the BSC network through validators’ requests, few people claimed that the BSC network is centralized. On this thing, the BNBchain team confirmed that the design of the BSC network is decentralized and cannot stop at once and this was the main reason why it took time to pause the network. The BNB team urged each validators one by one. 

Read also: Grayscale starts its “Bitcoin mining” investment vehicles for customers

Finally, BNB smart chain resumes its network operations

 

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