Binance-Backed Blockchain Completes Hard Fork to Mitigate Future Cross-Chain Bridge Hacks – Bitcoin News

Bnb Smart Chain began the blockchain hard fork on October 12, at block height 22,107,423, to add a security patch to “mitigate cross-chain infrastructure between [the] Beacon Chain and Smart Chain”. Binance and Bnb Smart Chain suspended withdrawals and deposits on Wednesday to run the upgrade. Not long after, Binance noted that the upgrade was completed a little after 5 am (ET) on Wednesday morning.

Bnb Smart Chain Hard Forks To Apply Exploit Patch

Five days ago, the Bnb Smart Chain was mined for approximately $100 million and the chain stopped to address the issue. At that time, the hacker managed to take advantage of the fake security tests to exploit the cross-chain bridging of the blockchain network. Following the attack, Binance announced that it planned to support an update on October 12 that will add a security patch to the protocol that fixes the issue.

Binance-Backed Blockchain Completes Hard Fork to Mitigate Future Cross-Chain Bridge Hacks

“Fellow binancians, Binance will support the BNB Smart Chain (BEP20) network upgrade and hard fork,” the exchange wrote on Oct. 11. “The BNB Smart Chain network upgrade (BEP20) and hard fork will take place on the BNB Smart Chain block. height of 22,107,423, or about 2022-10-12 08:00 (UTC). Deposits and withdrawals on BNB Smart Chain (BEP20) will be suspended from approximately 2022-10-12 07:00 (UTC),” added Binance.

Binance further announced the suspension of deposits and withdrawals via Twitter when said: “Binance has temporarily suspended deposits and withdrawals for the BNB Smart Chain (BEP20) network to support the network upgrade [and] hard fork.” At approximately 5:16 am (ET), Binance explained that Bnb Smart Chain has resumed operations following the update. “Thank you for your patience and apologies for any inconvenience caused,” the world’s largest exchange by trading volume. tweeted.

While four tokens out of the top five by market cap posted small percentage gains on Wednesday, BNB price declined 0.4% against the US dollar over the past 24 hours. BNB has had a 24-hour price range between $269.98 and $273.67 per unit on October 12.

Binance-Backed Blockchain Completes Hard Fork to Mitigate Future Cross-Chain Bridge Hacks
BNB/USD chart on October 12, 2022 around 11:07 am (ET).

BNB is the fifth largest crypto asset by market capitalization and is down 60% from the asset’s all-time high (ATH). However, 60% down on BNB ATH is much better than the 70% to 90%+ losses that a host of other digital assets have seen from their ATHs.

Tags in this story

2 million BNB, BEP20, Binance, Binance Smart Chain, bnb, BNB hack, BNB Smart Chain, BNB Smart Chain twitter account, chain pause, Changpeng Zhao, Cross-chain Bridges, CZ, Exploit, Hack, BNB hack , chain paused, BSC suspended

What do you think about the Bnb Smart Chain hard fork on Wednesday? Let us know what you think about this topic in the comments section below.

jamie redman

Jamie Redman is the news lead at News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about the disruptive protocols emerging today.

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