a multimillion-dollar bounty to catch the pirate

After the hack of 2 million BNB, the teams of BNB Smart Chain are considering the possibility of creating bonuses of up to 10% of the stolen funds. At the same time, the closure of the blockchain raises questions about the decentralization of the network.


The BNB Smart Chain provides an update on the hack right away

After the impressive hack that was barely mastered in part, the Smart BNB chain issued a statement to clarify the matter. Despite “post mortem details»Are yet to come, the blockchain teams initially wanted apologize to the community for the inconvenience caused and experienced thanked all the actors who participated in the limitation of damages.

For the rest of the events, the BNB Smart Chain teams then detailed the points that were under consideration, particularly on what should and shouldn’t be done with the stolen funds.

Here’s how a size system it should be implemented on two levels. First, a “whitehat” hacker request will be made, with rewards up to one million dollars for significant bugs.

Second, the hacker now has an “over his head” bounty. Indeed, up to 10% of the total funds recovered can be donated to anyone who can identify the hackers. These prizes can therefore amount to several million dollars. All these proposals will be put to the vote of the governance.

There are, in fact, several hundred million dollars blocked for the moment on the attacker’s address:

BSC token hub bridge attacker address

For their part, SlowMist teams, specialized in blockchain security, have managed to establish themselves an inventory of the funds, which could be extracted from the BNB chain. In total, these are approx 110 million dollars spread on different networks:

👉 To go further – Find our guide on best practices to limit the risk of hacks

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Stopping a chain: a questionable possibility

In the introduction to its press release, the BNB Smart Chain made contradictory remarks. And the notion of “decentralized chains” is rightly mentioned, but that too is specified the network has only 26 active validators :

“The decentralized chains are not designed to be closed, but by contacting the community validators one by one, we were able to prevent the spread of the incident. It wasn’t that simple, because BNB Smart Chain currently has 26 active validators and 44 in total in different time zones. “

This decentralization is therefore relative. If the possibility of influencing an apparently immutable network to such an extent has, in this specific case, limited a disaster whose ecosystem would have easily passed, However, this raises questions.

In fact, it proves it the network is not impartial. If it were possible to do so for the good cause, it shows that it would be possible to do so in the future for more questionable decisions. We can, for example, cite the issue of regulation, in particular through the controversies surrounding the Tornado Cash affair.

👉 Related – Binance Avoiding What Could Have Been One of the Largest BNB Chain Attacks in History

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Source: BNB Smart Chain

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