BNB Smart Chain will implement a hard-fork in response to the $100 million exploit

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Last Updated on October 13, 2022 by Bitfinsider

According to a post on GitHub, the cryptocurrency exchange Binance will implement a hard fork of its smart contract-enabled blockchain, BNB Smart Chain, in order to address the vulnerability that on October 6 caused the platform to lose an estimated one hundred million dollars in value.

According to the post, the release for the mainnet and testnet is a “temporary urgent patch to mitigate the cross-chain infrastructure between Beacon Chain and Smart Chain.” The post stated that the intention of the release is to reenable the cross-chain.

The hard fork, which will be known as Moran, will happen at block height 22,107,423, and it is anticipated that it will take place on October 12 at 8:00 am UTC. The iavl hash check will be updated to address a vulnerability, and block header in sequence checks will be implemented as part of the changes.

Regular users will not be impacted by the fork; however, node operators will need to take a few extra steps before continuing. These steps include pausing the actual node, if it is still running, and replacing it with a new binary.

In a nutshell, an upgrade that is intended to improve a blockchain is referred to as a hard fork. It is a deviation from the most recent version of a blockchain that is irreversible and will ultimately result in the chain being split. Due to the fact that some nodes are unable to agree anymore, the network is split into two distinct versions. In this manner, it is produced when one path continues to adhere to the rules that it has been using up until this point, while the other path follows a different set.

Because of a flaw in the cross-chain bridge used by BNB Chain, the network was taken offline on October 6, and cybercriminals made off with $100 million worth of cryptocurrency. The exploit, which was carried out on the BSC Token Hub, resulted in the creation of “extra BNB,” as the company explained.

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