$600 million hacked: how should we govern this?
The governance votes will help decide what to do with the $600 million that was hacked, and how to reward hackers for discovering "significant bugs."
The team behind BNB Chain is planning to conduct on-chain governance votes to determine what to do with the stolen funds. This is a positive step towards ensuring the security of digital assets and making sure that investors and users are protected.
It's been a tough few days for the BNB Chain team. First, their network operations were temporarily halted after an attacker exploited a vulnerability on the BSC Token Hub cross-chain bridge. Then, to add insult to injury, it was revealed that the attacker had siphoned off two million BNB tokens, valued at $600 million.
Binance Chain Hacker Steals $100 Million
The hacker still had about $400 worth of assets on the network before the suspension, which made it impossible for them to transfer the funds to other chains. However, the hacker was still able to access other parts of the network and wreak havoc. This suspension is a major setback for the hacker, but it is not the end of the story.
According to reports, the attacker was able to exit with around $70 million to $80 million across several networks. However, cyber security firm Hackenclub said the perpetrator made away with $110 million through Fantom, Ethereum, and Polygon. This is a huge loss for the platforms involved, and it highlights the need for better security measures to protect user funds. It is unclear at this time how the attacker was able to gain access to the funds, but it is clear that more needs to be done to secure digital assets.
The BSC team's announcement of plans to hold governance votes on four critical decisions relating to the hack, including bounties for future attacks, shows their commitment to protecting the network and its users. By taking these proactive steps, the BSC team is helping to ensure that the network remains secure and trustworthy.
Looking to the future: what direction should we take?
The BNB Beacon Chain upgrade will allow network validators to vote on what to do with the stolen funds. They can choose to freeze the funds, or "auto-burn" them. This will help to keep the BNB network secure and protect users' funds.
I believe that the white hat program is a great idea and will help to improve the security of many systems. I think that it is important to reward people for finding bugs so that they can be fixed before they are exploited. I believe that this program will encourage more people to participate in security research, which will ultimately benefit everyone.
The on-chain vote will also decide the possibility of a bounty reward of “up to 10% of the recovered funds” to anyone who helps to catch an attacker. This is a great way to incentivize people to help keep the network safe, and it could potentially help to recover a lot of lost funds.
The team's new on-chain governance mechanism is intended to help protect the blockchain from future attacks. By allowing users to vote on and manage the chain's rules and settings, the team hopes to create a more secure and decentralized network.
“Looking at the broader picture, we have seen a series of attacks on targeting vulnerabilities in cross-chain bridges. We will openly share the details of the postmortem and all lessons on how to implement more advanced security measures to shore-up these vulnerabilities,” the team said.
The network plans to increase the number of validators in order to decentralize the protocol. This will help to ensure that the protocol is secure and reliable.
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