BNB Chain will hold a hard fork after a hacker attack

The October 7 exploit resulted in a loss of more than $100 million

12.10.2022 - 08:15

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What’s new? The BNB Chain blockchain from the Binance cryptocurrency exchange will hold a hard fork to fix security issues that caused the platform to lose more than $100 million on October 7. Cointelegraph reports with reference to BNB Chain’s GitHub.

News on the Cointelegraph website

What is a hard fork? It is the process of splitting the main blockchain into two separate networks. In a hard fork, the developers drastically change the project’s protocols and algorithms, and create new tokens that are in no way related to the old version.

What is known about the hard fork? The chain split, called Moran, will take place at block height 22,107,423 presumably on October 12 at 08:00 UTC. The hard fork will not affect regular users, a number of operations will have to be performed only by node operators.

How did the situation develop? The attack on the network was carried out by hacking 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 “convince” the bridge to send them 1 million BNB tokens twice each due to the vulnerability.

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.

What is BNB Chain? It is the world’s largest blockchain by the number of transactions and users, created by Binance in 2022. More than 1300 decentralized applications (dApps) are built on the platform. In June, BNB Chain announced an increase in decentralization and the capacity of the blockchain, as well as an increase in the number of validators. As of October 12, 08:20 UTC, BNB is trading at $271,8, having gained 0,15% per day.

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