a multi-million dollar bounty to catch the pirate

The BNB Smart Chain provides an update on the hack geleden

After the impressive hack that was barely partially mastered, BNB smart chain issued a statement to clarify the matter. Even “post-mortem data» are yet to come, the blockchain teams initially wanted apologize to the community for the inconvenience caused and have thanked all actors who contributed to limiting the damage.

For the rest of the events, the BNB Smart Chain teams then set out the points under consideration, in particular what should or should not be done with the stolen money.

This is how a premium system should be implemented on two levels. First, a call is made for “whitehat” hackers, with rewards up to a million dollars for significant bugs.

Second, the hacker now has a bounty “above his head”. In reality, up to 10% of the total money recovered can be donated to anyone who can identify the hacker(s). These premiums can therefore amount to several million dollars. All these proposals will be submitted to the vote of the board.

There are currently several hundreds of millions of dollars blocked on the attacker’s address:

BSC Token Hub Bridge Attacker Address

For their part, the SlowMist teams specializing in blockchain security were able to determine: an inventory of funds, which can be removed from the BNB chain. In total these are approx $110 million spread over different networks:

since the $BNB Chain has been suspended, the ~$430 million on it cannot be carried forward any further.

In total, more than $110 million was taken from the BNB chain
Frozen: ~6.5M $USDT
Delivered to Lending Pools: ~$37.5M
Borrowed: ~$16.5M
Still have access to: $83.3 million pic.twitter.com/zxieESGblL

—SlowMist (@SlowMist_Team) October 7, 2022

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Stopping a chain: a questionable possibility

In the introduction to its press release, the BNB Smart Chain made contradictory comments. And it is not for nothing that the term “decentralized chains” is mentioned, but it is also specified that: the network has only 26 active validators :

“Decentralized chains are not designed to be shut down, but by contacting community validators one by one, we were able to prevent the incident from spreading. It wasn’t that simple, as BNB Smart Chain currently has 26 active validators and 44 in total in different time zones.”

This decentralization is therefore relative. If the ability to influence a so-called immutable network in this way, in this particular case limits a disaster whose ecosystem it would have easily passed, However, this raises questions.

Indeed it shows that the network is not impartial. If it were possible to act in this way for charity, it proves that it would be possible for more questionable decisions in the future. For example, we can raise the issue of regulation, in particular by: of the controversies surrounding the Tornado Cash affair.

👉 On the same topic – Binance Avoids What Could Have Been One Of The Biggest BNB Chain Hacks In History

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Source : BNB smart chain