Bnb Smart Chain to add security patches to “mitigate cross-chain infrastructure between Beacon Chain and Smart Chain,” October 12 A hard fork of the blockchain was initiated with a block height of 22,107,423; Binance and Bnb Smart Chain suspended withdrawals and deposits on Wednesday to perform upgrades. Not too long after that, Binance noted that the upgrade was completed just after 5:00 AM ET on Wednesday morning.
Exploit Patch Applied in Bnb Smart Chain Hard Fork
Five days ago, the Bnb Smart Chain was exploited for approximately $100 million and the chain was suspended to address the issue. At the time, hackers leveraged fake security credentials to successfully exploit the blockchain network’s cross-chain bridge. Following the hack, Binanceannouncedthat it plans to support an upgrade on October 12 that will add asecurity patchto the protocol that addresses the issue.
“Dear Binan, Binance will support theBNB Smart Chain (BEP20) network upgrade and hard fork,” the exchange wrote on October 11.”BNBis BNB Smart Chain (BEP20) network upgrades and hard forks will take place onBNB, on BNB, on BNB, on BNB
, and on BNB
. Smart Chain block height 22,107,423 or at approximately 2022-10-12 08:00 (UTC). deposits and withdrawals ofBNBSmart Chain (BEP20) will be stopped from approximately 2022-10-12 07:00 (UTC),” Binance added.
Binance further announced the suspension of deposits and withdrawals via Twitter, with: “Binance has temporarily suspendeddeposits and withdrawals of BNB. The Smart Chain (BEP20) network has temporarily suspended deposits and withdrawals to support the network upgrade (and) hard fork.” At approximately 5:16 a.m. ET, Binance explained that the Bnb Smart Chain had resumed operations following the upgrade. The world’s largest exchange by trading volumetweeted, “Sorry for the inconvenience”
Four of the top five tokens by market cap saw small percentage gains on Wednesday, while the price ofBNBfell 0.4% against the US dollar over the past 24 hours. BNBhad a 24-hour price range between $269.98 and $273.67 per unit on October 12.
BNBis the fifth largest crypto asset by market capitalization, down 60% from the asset’s all-time high (ATH). However, down 60% fromdown 60% from BNB‘s 60% down from ATH is far better than the 70% to 90%+ losses that many other digital assets have recorded since ATH.
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