BNB Chain Drops This Big Announcement

The global crypto industry woke up to witness the Binance blockchain, known as Binance Smart Chain exploit. Reports state that around $100 million in tokens were stolen from the network. However, Official BNB Chain has posted is a response with a detailed plan ahead of the hack.

Binance to introduce on chain governance

This event has dropped a rare blow over the world’s biggest crypto exchange. While it left a huge dent in the already troubled digital asset market. The crypto industry is getting a hard time overtrusting the market right now.

The release stated what will happen next after this exploit. It answered the queries like what will happen to the hacked funds. Will it be frozen or not? Will BNB use the auto burn to cover the remaining hacked funds or not?

As per the release, BNB expressed apologies to the community for the exploit. However, it mentioned that the BSC validator voting function for general opinions will be turned on. This will be done in the next few days via an upgrade of the BNB Beacon Chain.

Binance highlighted that a new on chain governance mechanism will be introduced on the BNB chain in order to defend and fight possible future attacks.

Whitehat program of future bugs found?

A whitehat program for future bugs will be founded. While $1 million for each significant bug found by anyone. The firm added that a bounty will be given for catching hackers. Around 10% of the recovered funds will be given to them from here ahead.

However, community validators will continue to expand in numbers to move forward. Binance believes that this is essential for the future of Web3.

The BNB price dropped by around 4% since the BSC encountered the exploit. It is trading at an average price of $284.4, at the press time. Its 24 hour trading volume is up 76% to stand at $45.8 billion.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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