Following the hack of 2 million BNB, the BNB Smart Chain teams are considering setting up bonuses of up to 10% of the stolen funds. At the same time, the shutdown of the blockchain raises questions about the decentralization of the network.
The BNB Smart Chain provides an update on the hack suffered
After the impressive hack that was barely mastered in part, the BNB Smart Chain released a statement to clarify the matter. Even though “post-mortem details» are yet to come, the blockchain teams initially wanted to apologize to the community for the inconvenience caused and have thanked all the actors who participated in limiting the damage.
For the rest of the events, the BNB Smart Chain teams then detailed the points that were under consideration, in particular on what should or should not be done with the stolen funds.
This is how a bounty system should be implemented at two levels. First, a call for “whitehat” hackers will be made, with rewards up to a million dollars for significant bugs.
Secondly, the hacker now has a bounty “over his head”. In effect, up to 10% of the total funds recovered can be donated to anyone who can identify the hacker(s). These premiums may therefore amount to several million dollars. All these proposals will be submitted to the vote of the governance.
There are, in fact, several hundred million dollars blocked on the address of the attacker for the moment:
BSC Token Hub Bridge Attacker Address
For their part, the SlowMist teams, specializing in blockchain security, were able to establish an inventory of funds, which could be extracted from the BNB Chain. In total, these are approximately $110 million spread over different networks:
Since the $BNB Chain was suspended, the ~$430M on it cannot be transferred any further.
In total, over $110M was moved off the BNB Chain
Frozen: ~6.5M $USDT
Supplied to lending pools: ~$37.5M
Borrowed: ~$16.5M
Still have access to: $83.3M pic.twitter.com/zxieESGblL—SlowMist (@SlowMist_Team) October 7, 2022
👉 To go further – Find our guide on best practices to limit the risk of hack
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Stopping a chain: a debatable possibility
In the introduction to its press release, the BNB Smart Chain made contradictory remarks. And for good reason, the notion of “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 reaching out to community validators one by one, we were able to prevent the incident from spreading. It was not so simple, because BNB Smart Chain currently has 26 active validators and 44 in total in different time zones. »
This decentralization is therefore relative. If the possibility of influencing a supposedly immutable network to such a degree has, in this specific case, limited a disaster whose ecosystem it would have easily passed, However, this raises questions.
Indeed, it shows that the network is not impartial. If it was possible to act in such a way for the good cause, it proves that it would be possible to do it in the future for more questionable decisions. We can, for example, cite the subject of regulation, particularly through the controversies surrounding the Tornado Cash affair.
👉 Related – Binance Avoids What Could Have Been One of the Biggest BNB Chain Hacks in History
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Source: BNB Smart Chain
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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