After the 2 million BNB hack, the BNB Smart Chain team is considering setting up bonuses of up to 10% of the stolen funds. At the same time, the blockchain shutdown raises questions about the decentralization of the network.
BNB Smart Chain provides updated information on the hack
After an impressive hack that was barely mastered in part, the BNB Smart Chain issued a statement to clarify the matter. Even if “postmortem information» is still to come, originally what the blockchain teams wanted apologize to the community for the inconvenience caused thanked all participants involved in damage limitation.
At the rest of the events, the BNB Smart Chain team detailed the points covered, specifically what to do and what not to do with stolen funds.
That’s how a bounty system should be implemented on two levels. First, a call will be made for white hat hackers with a reward up to a million dollars for significant errors.
Secondly, now the hacker has a bounty on his head. In fact, you can donate up to 10% of the total amount of funds to anyone who can identify the hacker(s). Therefore, these premiums can amount to several million dollars. All these proposals will be put to a vote in the government.
Several hundreds of millions of dollars are actually blocked at the attacker’s address at the moment:
BSC Token Hub Bridge Attacker Address
For their part, the SlowMist teams specializing in blockchain security were able to install inventory of funds, which could be extracted from BNB Chain. In total, it is approximately 110 million dollars spread across different networks:
Since $BNB The chain has been suspended, ~$430 million on it cannot be transferred further.
In total, more than $110 million has been withdrawn from the BNB network
Frozen: ~6.5 million USDT
Delivered to credit pools: ~$37.5 million
Borrowed: ~$16.5 million
There is still access to: $83.3 million pic.twitter.com/zxieESGblL
—SlowMist (@SlowMist_Team) October 7, 2022
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Chain Termination: The possibility is debatable
In the introduction to its press release, BNB Smart Chain made contradictory remarks. And the concept of “decentralized chains” is mentioned for a reason, but this is also clarified there are only 26 active validators in the network :
“Decentralized chains are not meant to be closed, but by reaching out to community validators one by one, we were able to prevent the incident from spreading. It was not that easy because BNB Smart Chain has 26 active validators to date and 44 in total in different time zones. »
Therefore, this decentralization is relative. If the possibility of influencing the allegedly immutable network to such an extent exists, in this particular case, limited disaster whose ecosystem it would easily pass through However, this raises questions.
Indeed, it shows the network is not impartial. If it could be done for a good cause, it suggests that it could be done in the future for more questionable decisions. One can, for example, name the subject of regulation, in particular through the controversy surrounding the Tornado Cash case.
👉 Related – Binance avoids what could have been one of the biggest BNB network hacks in history
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Source: BNB Smart Chain
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