Binance-Backed BNB Smart Chain Completes Hard Fork to Prevent Future Cross-Chain Bridge Hacks
BNB Smart Chain, the blockchain of crypto exchange Binance, has successfully completed a hard fork to fix the loophole that led to the $100 million hack on the platform on October 6th.
BNB Smart Chain Performs Hard Fork
On Wednesday, October 12th, six days after the multi-million dollar bridge hack, Binance announced it had successfully upgraded the network with the “Moran hard fork” at block height 22,107,423.
Binance Smart Chain announced that the hard fork includes a security patch to “mitigate the cross-chain infrastructure between the Beacon Chain and Smart Chain.”
The Moran hard fork fixes a vulnerability in the iavl hash check and introduces a block header in sequence checks. The vulnerability had led to 2 million BNB ($570 million) stolen, but Binance reacted quickly with only $100 million leaving the network.
Chain Functionality Restored
Following the successful launch of the hard fork, Binance announced that chain functionality had been fully restored and all funds stuck in cross-chain transfers had arrived in the target wallet or source of users.
Binance also notes that the Moran hard fork had no effect on the trade of Binance Smart Chain tokens on the exchange. However, it required deposits and withdrawals of those tokens to be temporarily paused.
On the Flipside
- Although the vulnerability has been fixed, the hack has now put the decentralization and security of the BNB chain into question.
Why You Should Care
With full chain functionality now restored, community members will vote in the coming days on how to address the hacked funds.
Find out more information about the hack in:
BNB Chain Re-Activates from Shutdown Following ‘Potential Exploit’ of $100 Million
Get more information on the hard fork below:
BNB Chain Undergoes Hard Fork as a Fix for $100M Exploit
Text source: DailyCoin.com
