BNB Chain will decide the fate of blocked crypto-assets by vote

BNB Chain will decide the fate of blocked crypto-assets by vote


BNB Chain will decide the fate of blocked crypto-assets by vote
On the agenda will be the freezing of these cryptocurrencies and covering the remainder of the stolen funds by burning BNB

The BNB Chain team (owned by Binance) has announced a vote that will decide the fate of the funds that remained locked in the accounts of the hackers who tried to steal them. The total amount of cryptocurrencies "hanging" in the network is $432 million.

On the October 6-7 hackers were able to steal over $544 mln in cryptocurrency, however they were only successful in removing $100 mln. Developers blocked transfers from the network before the attacker withdrew the entire amount, now his address in BNB Chain has $432 mln in cryptocurrency that cannot be withdrawn.

As decided by the blockchain team, a vote will be held to decide such issues as whether to freeze the funds in the hacker's account and to use the BNB token auto-burning mechanism to cover the remainder of the stolen funds.

At the same time, a vote will be taken on the issue of introducing a $1 million reward for "white hackers" who can detect errors in the system in the future. Also, the community will decide whether to announce a reward for catching a hacker in the form of 10% of recovered funds.

The BSC validator voting feature will be turned on in the next few days after the BNB Beacon Chain update. Also, the team noted that a new management mechanism will be implemented on the BNB network to protect against possible future attacks.


Other news

Investing: Five altcoins with the highest growth potential
Reuters: Animoca Brands has lowered fundraising for Web3 to $800 million
Tether estimates first-quarter 2023 earnings at $700 million
U.S. prosecutors indicted Terraform Labs founder on eight counts
Bitcoin mining difficulty increased by 70% in a year
The hype over Arbitrum's airdrop brought down the project's website