BREAKING: After A Hack, Binance Releases A Critical Patch For The BNB Smart Chain.

On Tuesday, the interim urgent patch v1.1.16 for BNB Smart Chain nodes was made available by Binance developers. The cross-chain infrastructure between Beacon Chain and Smart Chain is fixed by the patch. After the $100 million cross-chain bridge BSC Token Hub exploit, the link between the two chains was switched off.

Patch from Binance to Re-Activate BNB Cross-Chain Services
On October 11, the developers of Binance announced the temporary urgent patch version 1.1.16 to reduce the cross-chain infrastructure between the BNB Beacon Chain and BNB Smart Chain. The update will make cross-chain communication once more possible.

In addition, the v1.1.16 release hard forks the testnet and mainnet. On October 12 at about 8 AM UTC, the Moran hard fork upgrade for the mainnet will take place at block height 22,107,423. Similar to that, on October 11 at 8 AM UTC, a hard fork update for the testnet is slated to occur at block height 23,603,940.

The upgrade will address flaws in the IAVL hash check, add a block header to the CrossChain Contract’s sequence check, and add relayers to the genesis’ whitelist.

As a result, validators must check and upgrade as soon as possible to the v1.1.16 release. It is an urgent patch to fix the bug and related risks on BNB Chain. White-hat comments on the release is also extremely appreciated. Binance will announce additional upgrades following more extensive debate and governance.

BNB Price Doesn’t Increase
After the cross-chain bridge BSC Token Hub exploit on October 7, the BNB Price dropped more than 5%. The price of BNB, however, didn’t increase and has since dropped by more than 8%. The price is currently trading at $270, down more than 2% in the past day.

Users will receive their money after the upgrade is finished, according to the developers. The staking payouts should likewise increase the following day.

BSC validators’ timely intervention averted a $570 million BNB attack. Hackers’ 2 million BNB tokens were rejected by validators. In order to find hackers, Binance is currently collaborating with law enforcement.

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