3/19/2023 0 Comments Binance bnb![]() The original Bitcoin’s “alert key” system sent a priority message to transaction processors (miners) if a problem arose. ![]() Bitcoin’s fundamental protocol rules are also “set in stone” and governed by the Swiss not-for-profit foundation, the Bitcoin Association for BSV, meaning no one can change those rules. Since BNB Chain’s approved validators are also stakers who vote with large amounts of BNB assets rather than with physical hardware, BNB Chain is more like a shareholder database. Wright has criticized BNB Chain as “not decentralized in any manner” and “distributed not decentralized,” with Binance as its owner and controller. The network consists of validators who operate independently, though its small number (~21) and “authorized validator” nature meant Binance likely has a strong priority communications link to operators.īitcoin creator Dr. Today’s incident also created a debate on social media over how “ decentralized” BNB Chain really is, given that Binance was able to reach out quickly to its validator network and gain a response. As a blockchain designed to run “smart contracts,” it competes with Ethereum as a platform for asset-swapping and “DeFi” applications. It was later rebranded to BNB Chain after merging with an older version of Binance Chain. Hash, Neptune, TW Staking, BSCScan, Legend, CertiK, Figment, NodeReal, Namelix, Defibit, Fuji, InfStones, MathWallet, Pexmons, Ankr, BNB48 Club, Avengers, Tranchess, Coinbase Cloudįor their quick and decisive actions – a true community.īinance Coin (BNB) was initially launched in 2017 as an Ethereum-based token before moving to an independent blockchain called Binance Smart Chain (BSC) in 2020. BNB Chain developers thanked 19 authorized validators by name “for their quick and decisive actions”: When today’s exploit was discovered, Binance was able to send a quick message to those validators who responded by suspending their activities. E0885Dc3lWīNB Chain uses a “proof of staked authority” mechanism to validate transactions using a network of approved validators. During that time, I've been working closely with multiple parties to triage and resolve this issue. One investigator claimed the attacker was able to send two transactions of 1 million BNB (worth over U.S.$500 million) after finding a “critical bug” in the software.įive hours ago, an attacker stole 2 million BNB (~$566M USD) from the Binance Bridge. However, it is possible the total amount stolen or affected is much higher than Binance’s estimate. This may suggest the hacker used the burn process somehow to gain new BNB, though Binance is still investigating exactly what happened. BNB Chain regularly “burns” assets (i.e., removes them permanently from circulation) to control supply. We apologize for the inconvenience and will provide further updates accordingly.ĬZ added the amount of new BNB created was “about a quarter of the last BNB burn” if it is indeed ~U.S.$100 million. We have asked all validators to temporarily suspend BSC. He also issued the now-customary “your funds are safe” assurance to users while promising the issue would be fixed and asking users to “please give the team some time”:Īn exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. BNB’s price dropped from $293 to $282 after the news broke, though, at press time, it had recovered slightly.īinance founder and CEO Changpeng “CZ” Zhao said the exploit occurred on the BSC Token Hub cross-chain bridge, used for fast swaps between BNB Beacon Chain (BEP2) and BNB Chain (BSC). In just a few years, BNB has become the world’s fourth highest ranked digital asset (including Tether), with a market cap of U.S.$46.68 billion. ![]() The company’s estimates said the impact was between U.S.$70-110 million in BNB-which it is working to identify and contain before the hacker can gain control of funds. BNB Chain, Binance’s native contracts blockchain, suspended operations today after discovering an exploit that saw a large number of new BNB assets minted.
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