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Binance-Backed Blockchain Completes Hard Fork To Mitigate Future Cross-Chain Bridge Hacks – Bitcoin News
Bnb Smart Chain initiated the blockchain’s hard fork on October 12, at block height 22,107,423, to add a security update to “mute the cross-chain infrastructure between [the] Beacon Chain and Smart Chain.” Binance and Bnb Smart Chain suspended withdrawals and deposits on Wednesday to perform the upgrade. Not long after, Binance noted that the upgrade was completed after 5:00 AM (ET) Wednesday morning.
Bnb Smart Chain Hard Forks to use Exploit Patch
Five days ago, the Bnb Smart Chain was exploited for approximately $100 million and the chain was paused to resolve the issue. At that point, the hacker was able to exploit fake security credentials to exploit the blockchain network’s cross-chain bridge. After the hack, Binance announced that it planned to support an upgrade on October 12 that will add a security patch to the protocol that addresses the issue.
“Fellow Binancians, Binance will support BNB Smart Chain (BEP20) network upgrade and hard fork,” the exchange wrote on October 11. “BNB Smart Chain (BEP20) network upgrade and hard fork will take place at BNB Smart Chain block height 22,107,423, or at approximately 2022-10-12 08:00 (UTC). Deposits and withdrawals on BNB Smart Chain (BEP20) will be suspended from approximately 2022-10-12 07:00 (UTC),” Binance added.
Binance further announced the suspension of deposits and withdrawals via Twitter when it so: “Binance has temporarily suspended deposits and withdrawals for the BNB Smart Chain (BEP20) network to support the network upgrade [and] hard fork.” At approximately 5:16 a.m. (ET), Binance explained that Bnb Smart Chain has resumed operations following the upgrade. “Thank you for your patience and apologize for any inconvenience caused,” the world’s largest exchange by trading volume tweeted.
While four of the top five tokens by market capitalization have seen small percentage gains on Wednesday, the price of BNB has fallen 0.4% against the US dollar over the past 24 hours. BNB has had a 24-hour price range between $269.98 and $273.67 per unit on October 12.
BNB is the fifth largest crypto asset by market capitalization, and is down 60% since the asset’s all-time high (ATH). Although 60% down from BNB’s ATH is much better than the 70% to 90%+ losses that many other digital assets have recorded since their ATH.
What do you think of the Bnb Smart Chain hard fork on Wednesday? Let us know what you think about this topic in the comments section below.
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