BNB Smart Chain Initiates Hard Fork After $100 Million Exploit

BNB Smart Chain Initiates Hard Fork After $100 Million Exploit

BNB Smart Chain, a smart contract-enabled blockchain of Binance, the world’s largest cryptocurrency exchange, has announced that it has executed a hard fork to update the community’s system. The hard fork was intended to repair the appliance following a significant exploit of $100 million.

The Moran hard fork will try to increase the structure’s strength after a large-scale attack, which happened last week. A hard fork is a significant change to the underlying program. The Moran hard fork was completed successfully at 4 a.m. ET on Wednesday at block height 22,107,423. The hard fork was instituted to patch a major security vulnerability that had been exploited by an attacker last week.

The hacker stole over $100 million from BNB Smart Chain’s cross-chain bridge on Friday. The developers announced plans to hard fork on Tuesday, detailing the reasons behind the fork and promising a developer to write code to allow developers to reenable BNB Smart Chain’s cross-chain infrastructure.

Developers are now able to restart the communication bridge’s operations and secure the network’s infrastructure because hard fork is complete. The team will now initiate the next step, wherein a community vote will take place to freeze the funds held on the BNB chain and ignite them.

Yahya Imran is a crypto trader and blockchain content creator. He was a Campus Ambassador for FTX Africa and worked as a video content creator in the content Department of FTX Africa. He is a professional Video Editor and Video animator. He is the founder of Coinsplug.

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