Binance executes hard fork to secure network after $100 million hack
The hard fork – a blockchain upgrade went through successfully at 4 a.m. ET on Wednesday, October 12, 2022 at a block height of 22,107,423. The upgrade was meant to resolve a critical vulnerability exploited by an unknown attacker to steal more than $100 million from BNB Chain’s cross-chain bridge last week.
During the exploit, the perpetrator leveraged a vulnerability tied to “iavl hash check”. In this way, the hacker was able to mint 2 million BNB tokens out of thin air, worth around $560 million at the time. To fix the vulnerability, the team halted the blockchain, ordering all of its 44 validators to stop operations to execute hard fork.
The upgrade will ensure the security of the cross-chain infrastructure of BNB Becon Chain and BNB Smart Chain.
Paradigm leads blockchain indexer Nxyz’s $40 million raise
Nxyz, a Web3 platform enabling lightning-fast data infrastructure for blockchains, has secured $40 million in Series A funding led by venture firm Paradigm.
According to Nxyz, the funds raised will be used to expand the company’s team, build support across emerging use cases and expand across different chains.
OpenSea launches support for Avalanche
OpenSea added Avalanche NFT support on October 11, bringing the total number of supported blockchains on OpenSea to seven. The addition of Avalanche comes a few weeks after OpenSea announced support for the scaling networks Arbitrum and Optimism.
Mutant Ape NFT trading volume spikes over 300% following news of SEC probe into Yuga Labs
Trading volumes for Yuga Labs’ NFT collections Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) have soared during the last 24 hours. MAYC NFTs recorded a transaction volume at $1.02 million with an increase of more than 300% across different exchanges while BAYC witnessed an 86% daily jump in trading volume at $1.8 million.
The increase in the number of MAYC and BAYC deals came shortly after it became known that Yuga Labs was facing an investigation by the U.S. Securities and Exchange Commission into whether the firm’s offerings violated federal law.
