Binance To Adopt On-Chain Governance Votes to Curb Future Threats

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• Citing the recent attack Binance adopts on-chain governance.
• Binance pauses all transactions citing a spike in irregular activity.
• CZ estimated a total loss of $100 -110 million.

Following the recent attack, Binance posted a blog that revealed to adopt on-chain governance votes to determine future action. In addition, there will also be a vote on a bug bounty reward system to prevent future hacks from happening.

BNBChain announced that it will adopt on-chain governance votes to determine future actions, including whether to freeze hacked funds, whether to use BNB Auto-Burn to make up, a Whitehat program and a Bounty for catching hackers. https://t.co/yGAIg3OQko

— Wu Blockchain (@WuBlockchain) October 7, 2022

While detecting a spike in irregular activity, Binance announced on Twitter the initial pause. However, the temporary pause turned into a long-haul halt.

Changpeng Zhao, also known as CZ, the CEO of Binance, took to Twitter to announce the cross-chain bridge exploitation.

Although the total amount of loss is unknown, CZ estimated a loss of $100 -110 million. Binance stated on Twitter that they had frozen an estimated $7 million in BNB.

However, Blockchain security firm SlowMist posted on Twitter that over $570 million worth of $BNB was recently hacked, including Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Arbitrum, and Optimism.

According to a blockchain developer @0xfoobar, the attacker was spewing funds across liquidity pools and utilizing every bridge they could to get to safer chains. Foobar said that there was complete chaos on the chain.

As per the sources, the hack had the potential to be the first or the second largest of all time if not for the intervention of the community.

Moreover, Zhao was impressed by the quick actions the team took. He stated that “ I am not that involved in the technical side of BNB Chain. Far less than Vitalik with ETH. The principles of issue handling are simple & important: fast, transparent & responsible”

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