BNB Chain will decide the fate of blocked crypto-assets by voting

On the agenda will be the freezing of these cryptocurrencies and covering the remainder of the stolen funds by burning BNB

BNB Chain will decide the fate of blocked crypto-assets by voting

BNB Chain team (owned by Binance) announced a vote that will decide the fate of funds that remained blocked in the accounts of hackers who tried to steal them. The total amount of cryptocurrencies “hanging” in the network is $432 million.

On the night of October 6-7, hackers managed to steal over $544 million in cryptocurrency, but they were only able to withdraw $100 million. The developers blocked transfers from the network before the attacker withdrew the entire amount, now there is $432 million worth of cryptocurrency at his address in BNB Chain that cannot be withdrawn.

As decided by the blockchain team, a vote will be held to decide such issues as whether to freeze the funds in the hacker’s account and to use an automatic burn mechanism for BNB tokens to cover the remainder of the stolen funds.

At the same time, a vote will be taken on the issue of introducing a $1 million reward for “white hackers” who can detect errors in the system in the future. Also, the community will decide whether to announce a reward for catching a hacker in the form of 10% of recovered funds.

The BSC validator voting feature will be turned on in the next few days after the BNB Beacon Chain updаte. Also, the team noted that a new management mechanism will be implemented on the BNB network to protect against possible future attacks.

This hack was the first known incident in the fourth quarter of this year. Hackers stole more than $2.3 billion worth of cryptocurrencies in the previous nine months, most of it at the beginning of the year: hackers stole $1.229 billion in the first quarter and $670 million in the second.

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