The Bnb Smart Chain commenced the blockchain’s hard fork on October 12, at block height 22,107,423, in order to add a security patch to “mitigate the cross-chain infrastructure between [the] Beacon Chain and Smart Chain.” Binance and the Bnb Smart Chain suspended withdrawals and deposits on Wednesday in order to execute the upgrade. Not too long after, Binance noted that the upgrade was complete a touch after 5 a.m. (ET) on Wednesday morning.
BNB Smart Chain to Implement Hard Forks Exploit Patch
Five days ago, about $100 million in BNB Smart Chain was exploited and the chain was halted to resolve the issue. At the time, hackers managed to take advantage of fake security proofs to exploit the cross-chain bridge of the blockchain network. Following the hack, Binance announced that it planned to support an upgrade on October 12th that would add a security patch to the protocol that addresses this issue.
“Fellow Binancians, Binance will support the BNB Smart Chain (BEP20) network upgrade and hard fork,” the exchange wrote on October 11. “The BNB Smart Chain (BEP20) network upgrade and hard fork will take place at the BNB Smart Chain block height of 22,107,423, or approximately at 2022-10-12 08:00 (UTC). Deposits and withdrawals on BNB Smart Chain (BEP20) will be suspended starting from approximately 2022-10-12 07:00 (UTC),” Binance added.
Binance further announced a halt to deposits and withdrawals via Twitter when it Told: “Binance has temporarily suspended deposits and withdrawals for the BNB Smart Chain (BEP20) network in order to support network upgrades. [and] hard fork. At around 5:16 pm (ET), Binance reported that Bnb Smart Chain has resumed operations following the upgrade. “Thank you for your patience and apologize for any inconvenience,” the world’s largest exchange by trading volume tweeted,
While four tokens out of the top five by market cap have seen small percentage gains on Wednesday, the price of BNB has declined 0.4% against the U.S. dollar during the past 24 hours. BNB has had a 24-hour price range between $269.98 and $273.67 per unit on October 12.
BNB is the fifth largest crypto asset by market capitalization and is down 60% since the asset’s all-time high (ATH). Although the 60% drop from BNB’s ATH is much better than the 70% to 90%+ losses, a great deal of other digital assets have since recorded their ATH.
