Critical Hard Fork for BNB Network Losing $100 Million: When and What Time Will It Happen?

BNB Smart Chain (BSC) will perform a hard fork this week to fix the vulnerability that drained an estimated $100 million from the platform on October 6.

New Hard Fork Critical to BNB Will Happen Tomorrow at 11:00 AM

According to a post on GitHub on Tuesday, the “temporary emergency patch” release will take place on Wednesday, October 12 at around 11:00 am.

A hard fork is a change in a Blockchain protocol that makes old versions obsolete. It can be performed when a network makes fundamental changes to its mechanics or governance, or as a way to fix weaknesses that cause attacks or vulnerabilities.

Ethereum There has been an important hard fork in the past due to hacking events, and from this hard fork Ethereum Classic token was born.

Cryptocurrency Blockchain BNB Chain, which is closely linked to its exchange Binance, consists of BNB Beacon Chain and BNB Smart Chain (BSC).

Binance said that deposits and withdrawals for the BSC network will be suspended from an hour before the hard fork and will be restarted once the updated network is deemed stable.

On October 6, BSC was affected by a security vulnerability that resulted in the theft of approximately $100 million in cryptocurrencies.

BSC intervened by shutting down the chain after detecting problems with the BSC Token Hub protocol, which is the clearinghouse for transactions moving between composite parts of the network. Operations were then resumed on 7 October.

*Not investment advice.