After the robbery…Team Binance prepares for governance votes on what to do
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer After the robbery…Team Binance prepares for governance votes on what to do
After losing millions of dollars in assets to the blockchain bridge hack, the team behind the BNB blockchain – formerly known as the Binance Smart Chain (BSC) – is planning to conduct governance votes on the network to decide what to do with the stolen funds.
It is worth noting that the Binance BNB blockchain temporarily halted all network operations after an attacker exploited a vulnerability on the BSC Token Hub bridge across the network to withdraw two million BNB worth $600 million.
Hacker escapes with $100 million
The hacker still had assets on the network before the suspension, which made it impossible for him to transfer funds to other networks.
Read:Huobi platform supports blockchain phones and announces the possibility of buying them with Huobi Token
According to reports, the attacker managed to get out about 70 to 80 million dollars using several networks.
I told the cyber security company Hackenslop The culprit earned $110 million through the Fantom networks, Ethereum, and Polygon.
Shortly after network operations resumed, the BSC Blockchain team announced plans to take a governance vote on four critical hack decisions, including establishing bounties for exposing vulnerabilities to avert future attacks.
Governance at Binance and Looking Forward:
In the coming days, an upgrade on the BNB Beacon Chain (BEP2) will allow network auditors to vote on what to do with the stolen funds, whether they are frozen or not automatically burned.
The auditors will also vote to launch a white hat program that will reward developers with $1 million if a major bug is discovered.
Network voting will also decide the possibility of rewarding up to 10% of the refunded money to anyone who helps catch the hacker.
The team intends to introduce a new network governance mechanism to combat hacking and defend it from future attacks.
The Binance team said in a statement:
Read:Galaxy Digital raises $32 million in Ethereum funds
Looking at the broader picture, we’ve seen a series of attacks targeting vulnerabilities in bridges across blockchain networks.
We will publicly share the details and all the lessons on how to implement more advanced security measures to stop these vulnerabilities.
In addition, the network seeks to increase the number of auditors to increase decentralization.
Read also:
This month in 2014: a bitcoin whale dumps 30,000 bitcoins in a single transaction
Brazil’s BRB Bank Pays 50 Bitcoin After Targeted by Ransomware Attack
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time