BNB Chain back after upgrade

The BNB Chain team has announced that the BNB Chain is live again. Users can now make deposits and withdrawals for #BNB. The BNB Chain was suspended for several days to allow network upgrade as well as the hard fork of the network.

Details from Binance revealed that the network upgrade was supposed to take place at the BNB Smart Chain block height of 22,107,423, or approximately at 2022-10-12 08:00 (UTC).

Binance initiated the hard fork to correct the security challenge the BNB Chain had a few days ago. Over $500 million was stolen by a hacker from the BNB Chain by creating false withdrawal proofs. The attacker distributed the stolen funds to several blockchains, while Binance was able to reclaim $7 million of the funds.

Better security for BNB Chain

The BNBChain team shared that it will take a while before the cross-chain transactions queued will return to normal. Those who have rewards from their staked assets will also get them delivered to their wallets, the announcement states.

The BNB Beacon Chain was released in April 2019 to enable the transfer of tokens like BNB. One year later, Binance Smart Chain, now BNB Chain, was launched to enable developers to build dApps in the Binance ecosystem.

V, the Chief Scientist of BNB Chain, sent out a tweet on October 12, 2022, to inform users about the updates.

https://twitter.com/v_bnbchain/status/1580139216150798336?t=Xye4H9pXplx8ETEYvKb3DQ&s=19

He went further to say that there will be an upgrade of “the underlying cross-chain proof verification with another library,” implementation of better security measures for cross-chain, and a proposal for “a new governance model for the relayer structures.”

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