Bored Founders💰 Cross-chain bridge exploit on BNB Chain
5 min read

...and Bored Ape Community Council creation 🙈🙉🙊
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October 7, 2022 | Read Online
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GM! Happy Friday! 😎

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Today topics:

💰 Cross-chain bridge exploit on BNB Chain

🤓 Web3 People - Tim Beiko

📈 Web3 Express News
CROSS-CHAIN BRIDGE EXPLOIT ON BNB CHAIN

Which cross-chain bridge exploit is it? I have lost count. Maybe we need to create a counter, with days without the bridge attack?

We will count. Any bet on how long it will take?

What is a story?

Yesterday, the 6th of Oct 2022, BNB Chain was paused. BNB Chain is the blockchain of crypto exchange Binance. The first official information was that there were suspicious activities on the chain that should be monitored. Later it was confirmed that suspension could be caused by a potential exploit.


It caused a lot of rumors on Twitter with estimations of the value of the stolen tokens. The exploit was confirmed by one of the BNB Chain developers on Reddit. Initial estimates for funds taken off BSC are between $100M - $110M, and only $7 million frozen.

CEO of Binance, Changpeng Zhao, better known as CZ, explained that as a result of the exploit, additional Binance Coin (BNB) was created.

Official BNB Chain Update:

"There was an exploit affecting the native cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC), known as "BSC Token Hub." A total of 2 million BNB was withdrawn. The exploit was through a sophisticated forging of the low level proof into one common library."

There is even a proposition for a solution for occurred breach:

"What happens next? There will be on-chain governance votes to determine the following four actions for the common good of BNB:

  1. What to do with the hacked funds, freeze or not?
  2. Whether to use BNB Auto-Burn to cover the remaining hacked funds, or not?
  3. A Whitehat program for future bugs found, $1M for each significant bug found.
  4. A Bounty for catching hackers, up to 10% of the recovered funds."

Pretty fast reaction. I hope that this will not impact BNB holders.


WEB3 EXPRESS NEWS

One more person connected with Ethereum. This time it’s not one of the co-founders, but one of the people highly involved in current Ethereum Foundation activity. Meet Tim Beiko.
Who is Tim Beiko?

  • Former Product Manager at Joseph Lubin’s ConsenSys

  • Protocol Support in the Ethereum Foundation


He is one of the leaders responsible for Ethereum protocol upgrades and developer meetings. Was Highly involved in preparation for The Merge. You must follow him if you're interested in the Ethereum protocol future.

Links:


Who is your favorite web3 person? Let us know!!!

Reply to this mail. 📫

WEB3 EXPRESS NEWS
  • You can now list and buy NFTs up to 30 items in a single flow on OpenSea. The marketplace delivers this new future one day before the planned date. We appreciate that!

  • Seven Apes actively contributed to the BAYC brand success forming Bored Ape Community Council. This is a new era in BAYC activity. The list of the council members: Josh Ong, Sera, Laura Rod, 0xEthan, 0xWave, Negi, and Peter Fang. It’s interesting how it will impact the BAYC future.

  • The first on-chain NFTs and the Metaverse course are starting today. We wrote about that earlier. The University of Nicosia organizes it. You can’t join now, but you can buy a ticket on the free market ;)

  • More and more companies want to be in the Metaverse. This time Walmart prepared two new experiences in Roblox Metaverse. The retail corporation plans to make and sell virtual goods in the Metaverse.

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😎 No more news this week!

You can always join BFC discord and participate in an interesting web3 chat 😉

Check the BFN archive to read old episodes of our newsletter.

You can buy BFC Founders NFT on OpenSea to join the Bored Founders Club.

Enjoy your weekend!

PS, You will receive next mail on Tuesday.



Authors:
Daniel "tuszcz12" Anuszczyk

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