- Influencer applauds Changpeng Zhao’s mode of handling the cross-chain bridge hack.
- “The way Binance and CZ handled this hack should be standard,” says Crypto King.
- BNB Smart Chain (BSC) resumes functions after major exploit.
Amid today’s catastrophic events, the influencer known as “Crypto King” took to Twitter to praise Changpeng Zhao’s mode of handling the BSC hack crisis. The reputed crypto analyst stated, “The way Binance and CZ handled this hack should be standard.”
The social media personality then went on to add that the Binance team was both transparent and communicative with investors. According to the influencer, the Binance team was also openly willing to take the financial loss. “What more do you want from a team?” asks Crypto King.
Earlier today, a major exploit took place on the BSC Token Hub bridge, eventually leading to Binance temporarily suspending the blockchain network. In a Twitter post addressed to investors, Changing Zhao, Binance’s CEO, stated:
“An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.”
It is noteworthy that Zhao and the team published timely updates regarding the processes taken to revert the damage. At one point during the day, Zhao confessed that they had no ETA on the node upgrade and asked his community to give developers the time to fully understand the root cause, implement the fixes, test them thoroughly, and then resume.
A few hours later, the BNB chain did confirm that the BNB Smart Chain was running okay. “The validators are confirming their status and the community infrastructure are upgrading as well,” stated the team.
It is speculated that the hackers reportedly pocketed over $570 million worth of BNB tokens. Although there are no official reports to confirm this number, there are widespread rumors regarding the amount stolen. Among other hearsay is one about the attack being an inside job. The credibility of these allegations, however, cannot be validated.
The post The Way Binance Handled Hack Should be Standard: Crypto Influencer appeared first on Coin Edition.