Binance Has Issued a Quick Fix After A Hack on The BNB Smart Chain

The interaction between Smart Chain and Beacon Chain has improved, according to Binance engineers. Due to the BSC Token Hub’s $100 million cross-chain bridge hack, communication between the two chains was disconnected. The cutoff was an essential step in preventing a repeat of the attack.

Binance Issues Fix to Restore BNB Cross-Chain Functionality

The interim urgent fix for version 1.1.16 was released, according to Binance developers. It was announced in a published tweet on October 11. The cross-chain infrastructure vulnerability was the focus of the effort. 

The BNB Smart Chain and BNB Beacon Chain shared a critical weakness, which allowed for a hack. Cross-chain connectivity will again be available with the next release of the patch.

The v1.1.16 release also represents a hard fork. The cryptocurrency’s testnet and mainnet are both affected by the hard fork. On October 12, the mainnet’s Moran hard fork upgrade is slated to occur. The planned time is at a block height of 22,107,423, about 8 AM UTC. The testnet hard fork upgrade will occur on October 11 in the same manner. The time is 8:00 AM UTC, block elevation 23,603,940.

Security flaws in the IAVL hash verification will be corrected as part of the upgrade. During the sequence check, a block header will also be sent to the CrossChain Contract. Relayers will also be included on the genesis’ whitelist.

As a consequence, validators must quickly review their systems. Version 1.1.16 of the validators’ software must be updated by users. This patch addresses the vulnerability in an emergency. As a result, the exposure might still put BNB Chain users at risk. 

Additionally, the network values any constructive criticism users may have on the release. After further in-depth discussion and governance, Binance intends to reveal more improvements.

Lack Of Recovery in BNB Price

BNB’s price decreased by more than 5%. This happened after the October 7 cross-chain bridge BSC Token Hub vulnerability. Despite this, there has been a slight improvement in the price of BNB. Since then, it has decreased by approximately 8%. 

As of this writing, the price has dropped more than 2% in the last twenty-four hours. The current price is $270.

Customers have received a particular degree of confidence from the developers. Once the update is in place, customers can access their funds. There will also be a recovery of staked bonuses the next day.

The BSC validators responded quickly, preventing a $570 million BNB assault. Hackers trying to distribute 2 million BNB tokens were blocked by validators. Binance is currently working with several law enforcement organizations to track hackers.

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