BNB Chain Is Now Up And Running For Users After Falling Victim To An Exploit

As of October 7, the BNB Chain is active after being suspended due to maintenance work. BNB Chain has been launched by the Binance cryptocurrency exchange, which runs all of its operations through the particular network.

BNB Chain is Up and Running

On October 7, the officials at the BNB Chain confirmed that the network is back online after being suspended due to the exploit.

After reporting the exploit, the BNB Chain officials reportedly shut down the blockchain claiming it was down for maintenance.

However, the BNB Chain community knew that the brief suspension of the network was due to the exploit that had taken place on the blockchain.

Updates by BNB Chain

After bringing the chain back online, the teams working on the maintenance of the blockchain kept updating its status.

The teams revealed that they are working on the improvement and upgradation of the community infrastructure. Most importantly, the validators have confirmed that the status of the chain on their side is active.

Later, the teams confirmed that the BNB Smart Chain (BSC) had been up and running for more than 20 minutes without facing any issues.

Status before Putting the Chain Back Online

Before the teams had put the chain back online, they revealed that the validators had been working to improve the performance of the blockchain.

They were also working together to deal with the hackers and stop their hacking accounts to get rid of the problem. The teams also asked the node runners that they must proceed with updating their versions so the infrastructure must become upgraded.

Doing so would make it impossible for the hackers to trespass and steal any funds or information from the BNB Chain.

Funds Exploited

The teams started working on dealing with the exploit the moment it was discovered. Initially, the teams confirmed trying to fix the problem and claimed that $100 million worth of funds in the form of cryptocurrencies had already been compromised.

Later, it was revealed that the exploited funds were less than the initially communicated funds. The teams confirmed that the exploited funds amounted to $80 million.

However, out of the total exploited funds, they successfully froze $7 million worth of funds.

How Binance Dealt with the Problem?

The founder of Binance, Changpeng Zhao stated that the exploit could have been much worse than the one they faced.

Right after discovering the exploit, all the validators were asked to ensure that they suspended BSC from their end. This way, the exploiters were able to stop any more BNB to be stolen from the blockchain.

Binance has since confirmed that all the suspended funds of the users are safe and not accessed at all. Many users are claiming that Binance has successfully frozen $400 million worth of cryptocurrencies that were exploited by hackers.

Since the exploit, BNB’s trading price has dipped by 3.79% and at the time of writing, it is trading at $277.78.

By Brandon Craig
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