BNB Smart Chain Resumes Operations After $100M Exploit

The BNB Smart Chain (BSC) resumed operations at around 06:40 Coordinated Universal Time (UTC) as chain validators adopted a software update that would close the exploit used by hackers to drain funds off-chain.

• BNB Chain, a blockchain closely linked to the crypto exchange Binance, is composed of BNB Beacon Chain and BNB Smart Chain (BSC).

• The BNB Chain was halted earlier after an exploit was discovered that drained $100 million in crypto from the platform; $7 million of the total crypto has already been frozen.
• BNB Chain announced that it will hold a series of on-chain governance votes that will decide whether the hacked funds should be frozen. There will also be a vote on a bug bounty reward system to prevent future hacks from happening.
• BNB token is down 3.35% and is trading at $284.51.

UPDATE (Oct. 7, 2022 06:45 UTC): Adds details about BNB Chain.

UPDATE (Oct. 7, 07:13 UTC): Updates headline and first paragraph with new information.

UPDATE (Oct. 7, 09:50 UTC): Adds BNB Chain governance vote proposals.