BNB Chain team to vote on next steps after bridge hack

BNB Chain (BSC) developers apologised to the community for the breach of the BSC Token Hub bridge and announced a vote on the next steps, as stated in the blog.

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According to the post, the team managed to neutralise the issue, although \”it was not easy\”:

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“Currently, BNB Smart Chain has 26 active validators and only 44 across different time zones. This delayed the shutdown of the network, but we were able to minimise losses.”

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According to the developers, the exploit affected the internal cross-chain bridge between the BNB Beacon Chain and BSC. In total, an unknown attacker withdrew 2 million BNB (about $569 million at the current rate). Most of the funds remain under the platform’s control, the team said.

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In BSC, they announced a vote to determine the next steps. Among the questions are:

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• whether to freeze the withdrawn funds or not;
• whether to use the Auto-Burn mechanism to cover BNB;
• whether to announce a bounty program of $1 million for each significant bug found;
• whether to allocate a reward of up to 10% of the recovered funds for catching the hackers.

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The voting function for validators will appear in the coming days as part of the BNB Beacon Chain update.

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“Looking at the broader picture, we see a series of attacks targeting vulnerabilities in cross-chain bridges. We will share details and findings on how to implement more advanced security measures to address these issues,” the statement said.

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In addition, a new network-management mechanism will be introduced to counter potential attacks and defend against them. The number of validators will increase “as part of the move towards greater decentralisation,” the team said.

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Earlier, on October 6, the developers suspended the operation of BNB Chain in the wake of the BSC Token Hub breach. Hackers managed to withdraw only $100 million of the stolen funds. The network was later restored.

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