Binance-Backed BNB Smart Chain Completes Hard Fork to Prevent Future Cross-Chain Bridge Hacks

BNB Smart Chain, the blockchain of crypto exchange Binance, has successfully completed a hard fork.

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BNB Smart Chain, the blockchain of crypto exchange Binance, has successfully completed a hard fork to fix the loophole that led to the $100 million hack on the platform on October 6th.

BNB Smart Chain Performs Hard Fork

On Wednesday, October 12th, six days after the multi-million dollar bridge hack, Binance announced it had successfully upgraded the network with the “Moran hard fork” at block height 22,107,423.

Sponsored

Binance Smart Chain announced that the hard fork includes a security patch to “mitigate the cross-chain infrastructure between the Beacon Chain and Smart Chain.”

The Moran hard fork fixes a vulnerability in the iavl hash check and introduces a block header in sequence checks. The vulnerability had led to 2 million BNB ($570 million) stolen, but Binance reacted quickly with only $100 million leaving the network.

Chain Functionality Restored

Following the successful launch of the hard fork, Binance announced that chain functionality had been fully restored and all funds stuck in cross-chain transfers had arrived in the target wallet or source of users. 

Binance also notes that the Moran hard fork had no effect on the trade of Binance Smart Chain tokens on the exchange. However, it required deposits and withdrawals of those tokens to be temporarily paused. 

On the Flipside

  • Although the vulnerability has been fixed, the hack has now put the decentralization and security of the BNB chain into question.

Why You Should Care

With full chain functionality now restored, community members will vote in the coming days on how to address the hacked funds.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia