BNB Chain Hard Forked After A $100 Million Assault to Increase Network Security

The Moran hard fork upgrade for BNB Chain has been completed. After a significant hack last week, the upgrade was to restore and secure infrastructure. The hard fork was completed at a block height of 22,107,423 at 4 a.m. ET on Wednesday. 

The Hard Fork and The Cross-Chain Architecture

A hard fork is a blockchain upgrade. It carries out a significant software modification to the network. Applying a software patch was the main reason for it. The patch fixed a severe vulnerability that has been abused. The attacker who committed the exploitation remains unknown. The previous Friday, BNB Chain’s cross-chain lost more than $100 million. 

The developers made the upgraded public on Tuesday through a GitHub post. They said in the position of the necessary hard fork, it is essential to address the issue and allow the network’s “cross-chain design.”

The BNB Chain network supports two separate blockchains; Smart Chain and Beacon Chain. This cross-chain bridge enables users to transfer assets between the two blockchains. 

The Smart Chain is a smart contract platform that complies with the Ethereum Virtual Machine (EVM). Applications are developed using the EVM. The BNB Beacon Chain, also in charge of node staking, is carried out the network management. 

Any one of these networks is capable of connecting to the framework of other third-party chains. The Token Hub bridge provides aid in making this feasible.

Consequences Of the Hack 

During the assault, the hacker created false security justifications. it was done by exploiting a weakness in an “iavl hash check.” The “iavl hash check” is built into the bridge. The hacker was able to generate 2 million BNB tokens as a result. 

At the time of creation, the tokens had a value of around $560 million. The hacker moved cryptocurrency valued at more than $100 million, according to data on the blockchain. 

The hacker transferred the digital assets to independent chains. Arbitrum, Ethereum, Polygon, Fantom, and Avalanche are examples of such chains. 

The hacker took nearly $430 million worth of assets. The hacked wallet, created by the hacker, was on the BNB Chain itself and still contained the stolen asset.

In response to the issue, the team paused the blockchain and directed all 44 of its validators. Later, the team was able to reestablish network access. But until the team fixed the security issue, the bridge remained inoperable. 

There was a pause in an attempt to halt the assailant in their tracks. Additionally, the delay was an effort to recover whatever stolen assets the hacker had left in place.

Today was the most recent hard fork. The hard fork will let BNB Chain resume entire bridge operations. Additionally, it will protect the network’s infrastructure as a whole. Recently, the team published articles outlining their course of action. 

They said they expect governance polls when this hard fork is finished. The voters will decide whether to “auto-burn” or freeze the funds kept at the hacker’s address on the BNB Chain.