BNB Chain to Conduct Governance Votes on What to Do With the Stolen Funds

After losing millions of dollars worth of assets in a cross-chain hack, the team behind BNB Chain, formerly Binance Smart Chain (BSC), plans to hold governance votes on the chain to determine what to do with the stolen funds.

Recall that BNB Chain temporarily halted all network operations after an attacker exploited a vulnerability in the cross-chain bridge of the BSC Token Hub to divert two million BNB valued at $600 million.

BNB chain hacker escapes with $100 million

The hacker still had about $400 in network assets before the suspension, which prevented them from transferring the funds to other chains.

According to reports, the attacker was able to get away with between 70 and 80 million dollars on various networks. However, the cyber security firm Hackenclub said the author earned $110 million through Fantom, Ethereum, and Polygon.

Shortly after resuming network operations, the BSC team announced plans to hold governance votes on four critical decisions related to hacking, including bounties for future attacks.

The way forward

In the coming days, an update to the BNB Beacon Chain (BEP2) will allow network validators to vote on what to do with stolen funds, whether or not to freeze them, or “automatically burn them.”

Validators will vote on the launch of a white hat program that will reward hackers with $1 million for discovering a “major bug.”

The chain vote will also decide the possibility of a reward of “up to 10% of recovered funds” to anyone who helps catch an attacker.

The team intends to introduce a new governance mechanism to the chain to combat and defend the chain from future attacks.

“Looking at the bigger picture, we have seen a number of attacks against cross-chain bridge vulnerabilities. We will openly share the details of the autopsy and any lessons on how to implement more advanced security measures to strengthen these vulnerabilities,” he said. say the team

Additionally, the network is looking to increase the number of validators to further decentralize the protocol.


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