BNB Chain Will Perform Hard Fork to Fix $586M Hack - BNB Chain will perform a hard fork at around 8:00 UTC on Oct 12 to fix the vulnerability on the cross-chain bridge that led to the exploit of $586 million.

    On Oct 6, BNB Chain suffered a severe exploit on Thursday when a large amount of tokens from BSC Token Hub were moved to an unknown wallet. The total stolen funds from BSC Token Hub are 2M BNB (~$586M loss) but luckily, the true losses was around $100 million. The BSC Token Hub, which connects the BNB Beacon Chain and the BNB Smart Chain, has been targeted by the hacker.

    The BNB Chain then stated that it would be down to the community to decide whether to freeze the hacked funds “for the common good of BNB,” and it’s also offering a bounty reward of 10% of the recovered funds for uncovering the hacker. However, according to an announcement on Oct 11, the developers of BNB Chain asked validators on the network to jointly perform a hard fork upgrade called Moran. This upgrade aims to fix the vulnerability that hackers used to attack the project.

    Moran is expected to activate around 8:00 UTC on Oct 12. An hour earlier, Binance will suspend deposits and withdrawals to BNB Smart Chain (BEP20 token standard) and then recover its services when the network is back to normal. Specific schedule for the BNB Chain community to decide on matters related to the financial consequences of the attack has not been published yet.

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