Binance’s blockchain completes its hard-fork to prevent future cross-chain bridge hacks

Bnb’s Smart Chain began hard forking the blockchain on October 12, at block height 22,107,423, to add a security patch for “Mitigate cross-chain infrastructure attacks between the two chains Beacon Chain and Smart Chain.“. Binance and Smart Chain Bnb suspended withdrawals and deposits on Wednesday to execute the upgrade. Shortly thereafter, Binance reported that the upgrade was complete on Wednesday.

Bnb Smart Chain Hard Forks to apply the exploit patch

Five days ago, the Bnb Smart Chain was hacked for about $100 million and the chain was paused to fix the problem. At the time, the hacker managed to use fake security proofs to exploit the inter-chain bridge of the blockchain network. After the hack, Binance announced that it plans to support an upgrade on October 12 that will add a security patch to the protocol that resolves the issue.

“Fellow Binancians, Binance will support the NBB Smart Chain (BEP20) network upgrade and hard fork“, the exchange wrote on October 11. “Smart Chain network upgrade (BEP20) and hard fork will take place at this time. BNB Smart Chain block height of 22,107,423, which is approximately at 2022-10-12 08:00 (UTC). Deposits and withdrawals on BNB Smart Chain (BEP20) will be suspended from approximately 2022-10-12 07:00 (UTC)“, added Binance.

#Binance has temporarily suspended deposits and withdrawals for #BNB Smart Chain (BEP20) network to support the network upgrade & hard fork.

Deposits and withdrawals will reopen once we deem the upgraded network to be stable. https://t.co/SCDh5wjnXP

– Binance (@binance) October 12, 2022

Binance also announced the halt to deposits and withdrawals via Twitter, stating stated : “Binance has temporarily suspended deposits and withdrawals on the Smart Chain Network (BEP20) to support the hard fork network upgrade“. Binance explained that the Smart Chain Bnb has resumed operations following the upgrade. “We thank you for your patience and apologize for any inconvenience caused“, said Binance.

Deposits and withdrawals for #BNB Smart Chain (BEP20) network have now resumed following the network upgrade & hard fork.

Thank you for your patience and apologies for any inconvenience caused.

– Binance (@binance) October 12, 2022

While four of the top five tokens in terms of market cap saw small percentage gains on Wednesday, BNB has fallen 0.4% over the past 24 hours. BNB had a 24-hour price range of $269.98 to $273.67 per unit on October 12.

BNB is the fifth largest crypto asset by market capitalization and is down 60% since the asset’s all-time high (ATH). Although 60% down per is much better than the 70-90%+ losses experienced by many other digital assets since their ATH.