Blockchain
Following tonight’s occasions, the BNB Chain workforce offered a prolonged put up, referred to as Ecosystem Replace, which aimed to resolve with the group on the long run steps of the BNB ecosystem.
UPDATE: Official BNB Chain Response.
We’re humbled by the assist, laborious work, and dedication from the group of which we’re proud to be a component.https://t.co/r0TcZYxFzJ
— BNB Chain (@BNBCHAIN) October 7, 2022
Beginning with an apology, the put up declares the initiation of an on-chain governance vote to resolve quite a few points, together with whether or not or to not freeze the stolen funds, whether or not to make use of BNB Auto-Burn to cowl remaining stolen funds, launching a future bug detection program and setting a $1 million reward for particular circumstances and a hacker finder reward of 10% of the recovered funds.
Voting will begin inside a couple of days whereas the BNB Chain is being up to date. As well as, a brand new mechanism for on-chain governance decision-making can be launched sooner or later with a purpose to get rid of the chance of such assaults sooner or later.
What else will Binance do to resolve hack?
The hacker didn’t dump his stake in BNB and made the logical determination to lend 900 thousand BNB to the lender, getting $147.5 million stablecoins within the course of. Thus, Venus lending protocol acquired a nasty debt of $118.7 million, which is secured by the stolen 900 thousand BNB.
Most definitely, the Binance workforce will write off this debt by transferring BNB to the lender, which may trigger future stress on the cryptocurrency value, because the lender must liquidate its place within the altcoin to get better the deposit.
