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A Technical Explanation of the Binance Chain Hack

Binance

Cryptocoins Exchanges / Binance 117 Views

In Binance, there are special precompile contracts from Binance Sensible Chain core which might be used to verify Merkle proof for cross chain bridges: tmHeaderValidate and iavlMerkleProofValidate. Merkle proofs are used to prove the validity of knowledge being a part of a blockchain with out storing the entire blockchain. Binance sensible chain bridge is an IBC-based cross-chain bridge which realizes these Merkle proofs to confirm whether sure occasions truly occur on the chain. Thus, if an attacker can forge a proof, a fraudulent switch can develop into valid and it was truly what happened to the Binance sensible chain within the final 24 hours the place the hacker was capable of steal $570 million worth of Binance’s BNB token. If you want to read more, take a look at full weblog submit right here: https://www.gofyeo.com/post/binance-smart-chain-hack

submitted by /u/brino53
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