BNB Chain announces hard fork after it was ‘most targeted’ in Q1 2023
The BNB Smart Chain mainnet will undergo a scheduled hard fork named ‘Planck’ on 12 April, according to a blog post. The upgrade is anticipated to improve the security and stability of the network.
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In order to continue normal operations, the upgrade requires full-node operators to switch their software version to v1.1.21 before 12 April.
<p lang=«en» dir=«ltr» xml:lang=«en»>Heads up! BNB Smart Chain mainnet is expected to have a scheduled hard fork upgrade named Planck at block height 27,281,024.Read the details below ⤵️https://t.co/rpcEn3vhj3
— BNB Chain (@BNBCHAIN) April 5, 2023
The cross-chain bridge between the Beacon Chain and the Smart Chain will become stronger by pushing several security enhancements as part of the upgrade. Some of these features include enabling validators to pause cross-chain channels, automatic pausing in case of forged proof detection, and applying timer lock for large cross-chain transfers.
The update comes at a time when the BNB Chain has gained notoriety for a rising number of cross-bridge hacks. It was at the center of a sensational $570 million hack in October last year. Attackers found a vulnerability in the cross-chain bridge and drained out about 2 million BNB tokens. Following the hack, BNB Chain had to perform an emergency hard fork to fix the exploit.
As per a report by ImmuneFi, a Web3 bug bounty platform, BNB Chain was the most targeted chain in Q1 2023 with 33 incidents of hacks and exploits.
The report found that about 73.3% of total rug pulls in Q1 2023 happened on BNB Chain. A rug pull is a scam where a team hypes a project to attract investor money only to abandon it later, taking investors’ assets with them.
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