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Usha Yadav
Oct 7, 2022
by Usha Yadav

BNB Chain Resumes Activity After 2 Million Token Exploit

BNB Chain

Table of contents

  1. On-Chain Governance Votes
Earlier today, Binance's BNB Chain was back online after it was reported to be down after a hacker exploited a vulnerability in the network and stole 2 million BNB tokens. Its validators shut down native cross-chain communication as they upgraded their nodes. The upgrade's goal was to prevent the hacker from doing more damage. Binance announced the BNB Smart Chain's resumption of operations in the early hours of October 7.
"It was not that easy as BNB Smart Chain has 26 active validators at present and 44 in total in different time zones. This delayed closure, but we were able to minimize the loss," the team said.

On-Chain Governance Votes

After the massive exploit, the firm announced that there would be on-chain governance votes to determine the following four actions for its common good.

  • 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.

  • A bounty for catching hackers, up to 10% of the recovered funds.

    • A BNB Beacon Chain upgrade would enable the BSC validator voting function for general opinions in the coming days. On the BNB Chain, the firm would implement a new on-chain governance structure to thwart and repel potential future attacks.

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    BNB Chain Resumes Activity After 2 Million Token Exploit
    Usha Yadav
    Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.