BNB Smart Chain’s Hard Fork Begins After the Exploitation of $100M

BNB Smart Chain’s Hard Fork Begins After the Exploitation of $100M

Binance will run a hard fork on BNB Smart Chain (BSC) network on October 12, 2022.

Binance will run a hard fork on BNB Smart Chain (BSC) network on October 12, 2022. This network upgrade and hard fork will take place at approximately 2022-10-12 08:00 (UTC), at the BNB Smart Chain block height of 22,107,423.

Deposits and withdrawals on BNB Smart Chain (BEP20) will be suspended starting from approximately 2022-10-12 07:00 (UTC). Deposits and withdrawals will be temporarily suspended and will reopen once the maintenance is completed.

This seems to be Binance’s action to address the vulnerability leading to the infamous exploitation that caused a $100M worth loss in $BNB for one of the largest blockchain in the industry on October 6, 2022.

This upgrade and hard fork will neither result in token trading activities on BNB Smart Chain (BEP20) being affected, nor new tokens being created.

Binance claimed to handle all technical requirements involved for all users during this time period.

CZ got a point when he openly addressed the issue with DeFi, and encouraged users to independently manage their own investment instead of

Afterall, the ultimate motto that you should note in mind:

“Manage your risks,

and do not put all the eggs in one basket.”

Stay safe, fellows!