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Monday, November 28, 2022

BNB Chain Announces Further Steps After 100 Million Hack

Following tonight’s event, the BNB Chain team presented a lengthy postalknown as the Ecosystem Update, is designed to work with the community to decide the future steps of the BNB ecosystem.

Beginning with an apology, the post announced the launch of an on-chain governance vote to decide on a range of issues, including whether to freeze stolen funds, whether to use BNB Auto-Burn to cover the remaining stolen funds, launch a future vulnerability detection program, and set up for special cases $1 million reward, and a 10% hacker finder reward for recovering funds.

Voting will begin in a few days, while BNB chain Updating. In addition, new on-chain governance decision-making mechanisms will be introduced in the future to eliminate the risk of such attacks in the future.

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What else will Binance do to address the hack?

Hackers didn’t sell BNB shares, lent 900,000 logically BNB To the lenders, getting $147.5 million in stablecoins in the process. As a result, the Venus Lending Agreement received $118.7 million in bad debt, secured by the stolen 900,000 BNB.

Most likely, the Binance team will write off this debt by transferring BNB to lenders, which could weigh on the future cryptocurrency pricesbecause lenders must liquidate their positions in altcoins to get their deposits back.

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