Binance conducted a hard fork of BNB Smart Chain after hacking

by Coinworldstory

Binance Global Inc., the operator of the world’s largest cryptocurrency exchange, has successfully completed the hard fork of the BNB Smart Chain (BSC) network.

The BSC update restores Binance Bridge cross-premises. The patch, dubbed “Moran,” is described as “temporary” to re-enable crosschain features between BNB Beacon Chain and Binance Smart Chain. The hard fork is designed to fix several problems in the BNB network that arose as a result of a $100 million hack last week.

“All funds stuck in cross-chain transfers will now go into your wallet. Transfers between BNB Beacon Chain and BNB Smart Chain are now working fine,” Binance said.

According to the company’s statement, the update did not affect the trading of BSC tokens on the exchange, but required a temporary suspension of the input and withdrawal of assets.

While the Binance team’s quick response prevented the loss of more funds, it sparked controversy about the real level of decentralization on the BSC network. Staking rewards accumulated will go out into individual wallets at the following 00:00 UTC. — V (@v_bnbchain) October 12, 2022 In the coming days, the BNB community will hold a vote on what to do with the funds – leave everything as it is, freeze or use the BNB incineration protocol to cover losses.

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