What Happens to the $420 Million Altcoin in BNB Attacker’s Wallet?

Binance, the world’s largest cryptocurrency exchange It fell like a bomb on the agenda with the hacking incident in the BSC network yesterday.

Confirming the hack, Binance announced that the BSC network has been temporarily suspended and the BSC network is undergoing maintenance.

The BSC network said in a statement that the systems are under control and all funds are secure.

After the temporary shutdown of the BSC network, necessary actions were taken and the BSC network was reopened today.

Security firm SlowMist has fetched approximately $560 million from the hacker’s cross-chain bridge, the network’s BSC Token Hub. BNB He stated that he had seized it, but only managed to get a little over $110 million. The remaining approximately $450 million BNB was brought under control.

In the block post he published, he stated that the hacker had withdrawn 2 million BNB, but the majority of it was under control. BNB Chain team announced that it has started a vote on next steps.

Although the majority of the funds in the hacker’s wallet are under control, the BNB team and CZ have revealed that 80% of the assets stolen by the attacker are still on the BNB network, and the stolen funds are not taken from the wallets.

Instead, they assured token holders that “all funds are safe” as the wallet was newly created by the attacker.

In this context, the team will initiate a vote on what to do with the funds at the hacker’s address on the BNB Chain.

The team presented four options regarding funds:

“1-What should we do with the hacked funds? Freeze or do not freeze.

2- Should BNB Auto Burn be used for hacked funds under control in hacker’s wallet?

3-Should there be a reward for catching hackers up to 10% of the recovered funds?

4-In order to prevent such an event in the future, a bug detection program will be Whitehat and a reward of 1 million dollars will be given for each significant error found. Should it be?

BSC voting for opinions on this will be enabled after the BNB Chain is updated in the next few days.”

Stating that they will share more details about the hack and the lessons they learned in the coming days, the BNB team said, “A new on-chain management mechanism will be introduced on BNB Chain to combat and counter potential future attacks.” said.

UPDATE: Official BNB Chain Response.

We’re humbled by the support, hard work, and dedication from the community of which we are proud to be a part.https://t.co/r0TcZYxFzJ

— BNB Chain (@BNBCHAIN) October 7, 2022