Binance will BNB Smart Chain network for maintenance after hack

After hackers stole $3 billion worth of BNB Smart Chain network from the chain Binance has announced that it will offer services on the BNB smart blockchain between Tuesday (11) and Wednesday (12). 

Deposits and withdrawals will be frozen for one hour. The network will shut down on Tuesday (11) at 11.55pm and the process will last for one hour - with the time used by the broker, UTC (Coordinated Universal Time), shutting down at 12.00pm.

BNB Smart Chain network

The proposal comes after BNB Smart Chain network (BSC) received a major expansion. The network was forced to shut down on Thursday (6) after a hacker exploited a flaw in the network code that allowed him to create and own 2 million BNB, the equivalent of $3 billion in cash at the time. it stopped

The attackers exploited a vulnerability in the BSC Token Hub, the local bridge that connects the primary network - BNB Beacon Chain (BEP2) - to the real BNB Smart Chain (BEP20 or BSC).

To prevent hackers from accessing the stolen funds, BNB’s management team has decided to shut down the entire blockchain. Prior to that, hackers worked to distribute more than $570 million in stolen funds to other networks, exchanging BNB for other, mostly stable tokens.

Shortly after the BNB Channel relaunch, the team behind the project published a blog post to provide more details on the next steps to mitigate the impact of the incident.

After deciding to temporarily shut down the network, the BNB Channel team decided to listen to the community and use administrators to address this issue.

Binance said it will hold a blockchain vote to decide the course of four key questions. Among them, what to do with income: frozen or not? And also decide whether to use the BNB Auto-Burn system to recover stolen funds.

The network group also wants the community to vote to create a program to pay "good" hackers $1 million for every critical bug they find.

The project also announced a vote to reward anyone who manages to return some of the stolen money from the hackers, with up to 10% of the cryptocurrency profits going back to anyone who completes the task.

Open voting should be enabled through an upcoming BNB Beacon network update.

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the next step for the BNB chain

Shortly after the BNB Channel relaunch, the team behind the project published a blog post to provide more details on the next steps to mitigate the impact of the incident.

After deciding to temporarily shut down the network, the BNB Channel team decided to listen to the community and use administrators to address this issue.

Binance said it will hold a blockchain vote to decide the course of four key questions. Among them, what to do with income: frozen or not? And also decide whether to use the BNB Auto-Burn system to recover stolen funds.

The network group also wants the community to vote to create a program to pay "good" hackers $1 million for every critical bug they find.

The project also announced a vote to reward anyone who manages to return some of the stolen money from the hackers, with up to 10% of the cryptocurrency profits going back to anyone who completes the task.

Open voting should be enabled through an upcoming BNB Beacon network update.

MB provides market returns and investment strategies based on your profile.

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