BNB Smart Chain Begins Its Hard Fork After The Hack Of USD 100 Million
✍️ 13 October, 2022 - 16:27 👤 Editor: Jakub Motyka
- BNB Smart Chain forked its main chain.
- The Moran hard fork seeks to fix the security vulnerability that allowed the theft of more $100 million.
- After the hard fork, the community will vote to freeze the funds inside the hacker's wallet on the BNB chain.
BNB Smart Chain, Binance's smart contract execution blockchain, announced the execution of a fork. The Moran hard fork, as it was dubbed, was made to fix a security vulnerability that allowed the $100 million theft on October 6. This was completed last Wednesday, October 12 at 4:00 am EST, at block height 22.107.423.
According to a GitHub post, the team at BNB Smart Chain announced the fork as an urgent temporary patch. This way they could re-enable the network's cross-chain infrastructure. Let us remember that this technology is responsible for allowing interactions between the different chains. In other words, after its opening, it will be possible to send cryptocurrencies between the different compatible block chains.
What Was The Reason Behind The BNB Smart Chain Hack?
According to the report, the attacker falsified the security tests through a vulnerability associated with the IAVL hash check. In this way, he was able to mint 2 million BNB tokens, equivalent to USD 560 million. According to on-chain data, the hacker transferred close to 100 million to third-party chains such as Ethereum, Polygon, Fantom, Avalanche, and Arbitrum.
Fortunately, most of the cryptocurrencies remained within the attacker's wallet on the BNB chain. This was thanks to the immediate action of the BNB Chain team, who stopped the blockchain and bridges to prevent funds from being moved. In this way they have been able to recover the money, without causing problems for their users.
What Will Happen To The Stolen Funds After The Moran Hard Fork?
After the Moran hard fork, developers will be able to restart bridge operations and regain full network functionality. From this point on, the BNB Smart Chain team has started burning the tokens created after the attack. This solution was taken after a vote made with the community, which decided to freeze the funds that are inside the hacker's wallet and burn the BNB available inside it.
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