BNB Chain to Conduct On-Chain Governance Voting to Prevent Further Hacking
After apologizing to the consumers for the recent hack of up to $110M, BNB Chain has declared that it will use on-chain governance voting in the case of the activities to be done afterwards. Recently, reports brought to the front that BNB Smart Chain was hacked by some malicious actor who effectively took away a big amount. The official account of BNB Chain additionally confirmed that the validators of the venue are also upgrading the community infrastructure as well.
BNB Chain Experiences an Exploit of $110 Million, Suspends Operations, and Restarts Again
At first, $586M was the initial amount targeted by the hack nonetheless SlowMist (a security company stated that just $110M was taken away by the hacker due to the inability to take away more funds as the majority of the funds could not be transacted from the BNB Chain after the suspension thereof last night, as the company mentioned. Changpeng Zhao, Binance CEO, shared on his Twitter account that the present impact is approximately $100M worth.
The team of BNB Chain disclosed on Reddit that nearly $7M worth was frozen following the coordination made by the external and internal security collaborators as well as the community. Based on the examination carried out by SlowMist’s analysts, Tether (the prominent stablecoin provider) was the firm credited for up to 6.5M worth of its USDT (dollar-pegged) tokens.
BSC to Carry out an On-Chain Governance Voting to Decide on Future Actions
After that, CZ assured about the security of the funds of the token holders, asserting that the stolen funds did not deal with the wallets but the uniquely developed on the behalf of the hacker. In this situation, validators were pushed by Zhao to suspend the BNB Smart chain. In a further update, BNB Chain noted that they effectively stopped the spread of the exploit event and the venue’s operations have effectively started again. To decide on what should be done next, the platform has declared to conduct on-chain governance voting.
This move will determine the future of the hacked funds and whether to freeze them or not. The utilization of the BNB Auto-Burn facility to secure the remnant of exploited funds will also be decided on. The voting will additionally determine a ten percent bounty over catching the hackers. Apart from that, a Whitehat program will also be proposed for the bugs detected in the future where $1M will be provided for the detection of each of the significant bugs.
