The Bnb Smart Chain commenced the blockchain’s hard fork on October 12, at block height 22,107,423, in order to add a security patch to “mitigate the cross-chain infrastructure between [the] Beacon Chain and Smart Chain.” Binance and the Bnb Smart Chain suspended withdrawals and deposits on Wednesday in order to execute the upgrade. Binance soon noted that the upgrade had been completed a little after five o’clock in the morning (ET).
To Apply Exploit Patch, Use Bnb Smartchain Hard Forks
The Bnb Smart Chain had been compromised for approximately $100 million five days prior. To address this issue, the chain was temporarily halted. At the time, the hacker managed to leverage phony security proofs to exploit the blockchain network’s cross-chain bridge. Binance stated that the company would support an October 12 upgrade that will include a security patch for the protocol.
“Fellow Binancians, Binance will support the BNB Smart Chain (BEP20) network upgrade and hard fork,” the exchange wrote on October 11. “The BNB Smart Chain (BEP20) network upgrade and hard fork will take place at the BNB Smart Chain block height of 22,107,423, or approximately at 2022-10-12 08:00 (UTC). Deposits and withdrawals on BNB Smart Chain (BEP20) will be suspended starting from approximately 2022-10-12 07:00 (UTC),” Binance added.
Binance also announced that withdrawals and deposits will be halted via Twitter. said: “Binance has temporarily suspended deposits and withdrawals for BNB Smart Chain (BEP20) network to support the network upgrade [and] hard fork.” At approximately 5:16 a.m. (ET) Binance explained that the Bnb Smart Chain has resumed operations following the upgrade. “Thank you for your patience and apologies for any inconvenience caused,” the world’s largest exchange by trade volume tweeted.
Although four of the five top-ranked tokens by market capital saw small percentage increases on Wednesday, BNB’s price has fallen 0.4% against US dollars over the last 24 hours. BNB traded between $269.98 per unit and $273.67 in the 24-hour period ending October 12.
BNB is the fifth largest crypto asset by market capitalization and it is down 60% since the asset’s all-time high (ATH). Although, 60% down from BNB’s ATH is a lot better than the 70% to 90%+ losses a great deal of other digital assets have recorded since their ATHs.
Let us know what you think of the Wednesday Bnb Smart Chain hardfork. Please comment below to let us know your thoughts on this topic.
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