BNB Chain developers successfully launched a hard fork after the network hack

The upgrade fixed a vulnerability that caused the network to lose $100 million

13.10.2022 - 11:20

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What’s new? On October 12, the developers of the BNB Chain blockchain from the cryptocurrency exchange Binance reported on the successful launch of the Moran hard fork. The upgrade v1.1.16 was launched at block height 22 107 423, aimed at fixing a vulnerability that allowed hackers to withdraw $100 million in cryptocurrency from the network in the October 7 exploit.

IMPORTANT UPDATE: BNB Smart Chain v1.1.16 has arrived. https://t.co/3lBZV4GGiu— BNB Chain (@BNBCHAIN) October 12, 2022

More details about the situation. The attack on the network was carried out by hacking into the BSC Token Hub cross-chain bridge, which connects BNB Beacon Chain and BNB Chain. According to a researcher at crypto investment firm Paradigm, the hackers were able to conduct a double-spending attack by “convincing” the bridge to send them 1 million BNB tokens twice each, due to the vulnerability. They managed to steal a total of $544 million in cryptocurrency but were only able to withdraw $100 million in BNB. The remaining funds were blocked on the accounts of the hackers.

The BNB community will hold a vote on freezing the stolen assets on the hackers’ accounts and burning part of the tokens to cover the damage.

As of October 13, 10:45 UTC, the BNB token is trading at $260,8, down by 4,15% in 24 hours. The asset has a market capitalization of $42,8 billion.

In September, the Harmony network team unveiled a new recovery plan for customers affected by the June 24 Horizon cross-chain hack. The developers had previously proposed a hard fork to issue additional ONE native tokens, but the community did not support this plan. Now the project’s treasury will be used for reimbursement.

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