Crypto exchanges, Crypto news

BNB Smart Chain hardfork took place

BNB Smart Chain

Binance Global Inc., operator of the world’s largest cryptocurrency exchange, has successfully completed the BNB Smart Chain (BSC) network hardfork. The BSC update restores Binance Bridge inter-network transfers. The patch, dubbed “Moran,” is described as “temporary” to re-enable crosschain functions between BNB Beacon Chain and Binance Smart Chain. The hardfork is intended to fix several problems in the BNB network that arose from last week’s $100 million hack.

“All funds stuck in cross-chain transfers will now go into your wallet. Transfers between BNB Beacon Chain and BNB Smart Chain now work normally,” Binance said.

According to the company’s statement, the update did not affect the trading of BSC tokens on the exchange, but did require a temporary suspension of asset deposits and withdrawals. While the Binance team’s quick response prevented the loss of more funds, it has sparked controversy about the actual level of decentralization in the BSC network.

As a reminder, BNB Chain is preparing for a hardfork.

 

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