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

The Bnb Smart Chain commenced the blockchain’s hard fork connected October 12, astatine artifact tallness 22,107,423, successful bid to adhd a information spot to “mitigate the cross-chain infrastructure betwixt [the] Beacon Chain and Smart Chain.” Binance and the Bnb Smart Chain suspended withdrawals and deposits connected Wednesday successful bid to execute the upgrade. Not excessively agelong after, Binance noted that the upgrade was implicit a interaction aft 5 a.m. (ET) connected Wednesday morning.

Bnb Smart Chain Hard Forks to Apply Exploit Patch

Five days ago, the Bnb Smart Chain was exploited for astir $100 cardinal and the concatenation was paused successful bid to code the issue. At the time, the hacker managed to leverage phony information proofs to exploit the blockchain network’s cross-chain bridge. Following the hack, Binance announced that it planned to enactment an upgrade connected October 12 that volition adhd a security patch to the protocol that addresses the issue.

“Fellow Binancians, Binance volition enactment the BNB Smart Chain (BEP20) web upgrade and hard fork,” the speech wrote connected October 11. “The BNB Smart Chain (BEP20) web upgrade and hard fork volition instrumentality spot astatine the BNB Smart Chain artifact tallness of 22,107,423, oregon astir astatine 2022-10-12 08:00 (UTC). Deposits and withdrawals connected BNB Smart Chain (BEP20) volition beryllium suspended starting from astir 2022-10-12 07:00 (UTC),” Binance added.

Binance further announced the halting of deposits and withdrawals via Twitter erstwhile it said: “Binance has temporarily suspended deposits and withdrawals for BNB Smart Chain (BEP20) web to enactment the web upgrade [and] hard fork.” At astir 5:16 a.m. (ET) Binance explained that the Bnb Smart Chain has resumed operations pursuing the upgrade. “Thank you for your patience and apologies for immoderate inconvenience caused,” the world’s largest speech by commercialized measurement tweeted.

While 4 tokens retired of the apical 5 by marketplace headdress person seen tiny percent gains connected Wednesday, the terms of BNB has declined 0.4% against the U.S. dollar during the past 24 hours. BNB has had a 24-hour terms scope betwixt $269.98 and $273.67 per portion connected October 12.

BNB/USD illustration connected October 12, 2022 astatine astir 11:07 a.m. (ET).

BNB is the 5th largest crypto plus by marketplace capitalization and it is down 60% since the asset’s all-time precocious (ATH). Although, 60% down from BNB’s ATH is simply a batch amended than the 70% to 90%+ losses a large woody of different integer assets person recorded since their ATHs.

What bash you deliberation astir the Bnb Smart Chain hard fork connected Wednesday? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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