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The BNB Chain team will vote on further actions after hacking

Posted on November 11, 2022

The BNB Chain team will vote on further actions after hacking

The developers of BNB Chain (BSC) apologized to the community for the incident with the hacking of the BSC token Hub bridge and announced the vote by further steps. This is stated in the blog.

According to the report, the team managed to neutralize the problem, although “it was not so simple”:

“Currently, BNB Smart Chain has 26 active validators and only 44 in different time zones. This delayed the disconnection of [network], but we were able to minimize losses “.

According to developers, the exploit affected the internal cross-bridge of https://gagarin.news/news/musks-cryptic-tweet-makes-waves-in-the-community/ the ecosystem between the BNB Beacon Chain and BSC. In total, the unknown deduced 2 million BNB (about $ 569 million at the current rate). Most of the funds remain under the control of the platform, the team said.

BSC announced a vote to determine further actions. Among the questions:

  • freeze the withdrawn funds or not;
  • whether the Auto-Burn mechanism is used to cover BNB;
  • whether to declare a bounty program for $ 1 million for each significant bug detected;
  • Whether to allocate a reward in the amount of up to 10% of the returned funds for the capture of hackers.

The voting function for validators will appear in the next few days as a result of BNB Beacon Chain update.

“Considering a wider picture, we saw a series of attacks aimed at vulnerability in cross-brushes. We will share details and conclusions on how to implement more advanced security measures to eliminate these problems, ”the report said.

In addition, a new network control mechanism will appear to combat possible attacks and protect against them. The number of validators will increase “during the movement to further decentralization”, the team said.

Recall, on October 6, the developers suspended the work of BNB Chain against the backdrop of hacking the BSC token Hub bridge. The hackers managed to withdraw only $ 100 million from stolen funds. Later the operation of the network was restored.

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