BNB Chain takes board votes on what to do with stolen funds

After losing millions of dollars in assets in an on-chain hack, the team behind the BNB chain – formerly known as Binance Smart Chain (BSC) – plans to conduct on-chain polls to determine what to do with the stolen funds.

Remember, BNB Chain temporarily halted all network operations after an attacker exploited a vulnerability on the BSC Token Hub bridge to obtain more than 2 million BNB worth of $600 million.

BNB Chain Hacker Leaves With $100 Million

The hacker still had $400 worth of assets on the network before the shutdown, making it impossible for them to transfer funds to other chains.

According to reports, the attacker managed to generate between $70 and $80 million in profits across multiple networks. In contrast, the cybersecurity company Hackenclub He said The perpetrator stole $110 million through Fantom, Ethereum, and Polygon.

Shortly after network operations resumed, the BSC team announced plans to hold a board vote on four critical hack decisions, including rewards for future attacks.

Introduction to the road

In the coming days, an upgrade to the BNB Beacon Chain (BEP2) will allow network auditors to vote on what to do with the stolen funds, whether they are frozen or not, or “auto-burned.”

The auditors will vote to launch a white hat program that will reward hackers with $1 million for discovering a “big mistake.”

Cross-chain voting will also determine the possibility of a reward of “up to 10% of cash back” for anyone who helps capture the attacker.

The team intends to introduce a new chain governance mechanism to combat and defend the chain from future attacks.

“Looking at the broader picture, we have seen a series of attacks targeting bridge vulnerabilities across the chain. We will publicly share details of the autopsy and any lessons learned on how to implement more advanced security measures to support these vulnerabilities,” the team said.

In addition, the network aims to increase the number of validators to further decentralize the protocol.

A subsequent BNB series for governance votes on what to do with the stolen funds first appeared on CryptoPotato.

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