BNB Chain to Execute Hard Fork to Address $586 Million Hack Vulnerability

On October 12, BNB Chain will conduct a hard fork to address the vulnerability in its cross-chain bridge that led to a $586 million hack.

BNB Chain Hard Fork Scheduled to Address Hack Vulnerability

As reported by Coin68, on October 6, BNB Chain became the latest victim of a hacker attack, resulting in a theft of up to $586 million. The targeted area was the BSC Token Hub bridge connecting BNB Beacon Chain and BNB Smart Chain—two parallel blockchains within the BNB ecosystem.

The hacker successfully moved approximately $100 million to external blockchain ecosystems, leaving around $450 million still frozen on BNB Chain.

In response, the BNB Chain team announced that users would decide the next steps for the project regarding the hack resolution, including whether to perform a hard fork to reverse the hacker's transactions and how to handle the frozen funds.

However, according to an announcement made on October 11, BNB Chain developers have requested validators on the network to proceed with a hard fork upgrade named Moran. This upgrade aims to patch the vulnerability exploited by the hacker.

The Moran hard fork is scheduled to be activated at around 03:00 PM on October 12, 2022 (Vietnam time). One hour prior, Binance will suspend deposits and withdrawals on the BNB Smart Chain (BEP20 token standard) and will resume operations once the network is deemed stable post-upgrade.

As of now, the specific timeline for the BNB Chain community to address the financial repercussions of the attack remains unclear.