Cyber Capital founder Justin_Bons claims Binance is to blame for design flaws that led to the Binance Bridge hack BNBHack
The biting criticism by the self-styled"full-time crypto researcher" alleges that Binance has used"deceptive" design to make BNB Chain"seem decentralized to an untrained eye."
For one, Bons notes that Binance claims to have 21 validators to secure the Delegated Proof-of-Stake network. However, instead of validation being determined randomly, validators on BNB Chain take turns in adding new blocks to the chain in a predefined order set by an 11-member permissioned committee.
Bons alleges that while claiming that this committee is made up of third-party validators, the entities have obvious links to Binance. He adds that the arrangement is set up to allow Binance to argue plausible deniability in court — something Binance is notorious for, per Bons. He wrote: Using separate entities might give Binance plausible deniability over controlling the network in a court of law. Thereby potentially escaping legal responsibility, something Binance is already notorious for.
Bons further highlighted other questionable features of the network, including that it is closed source, and that it has occupied a"comfortable ambiguous middle ground" by never claiming to be decentralized or outrightly admitting that it is centralized. Partially unintended & unwanted but also largely requiredHowever, that is entirely different from putting any faith in the centralized BNB chain!The hack has been the latest damaging event in the crypto industry in 2022.
transactions on BNB Chain while validators prepare to roll back the blockchain. Despite Whale Alert still noting large transfers of BNB tokens to the hacker wallet, Binance says a portion of the stolen BNB tokens have already been frozen.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Best Cyber Monday deals 2022: date, sales, and what to expectCyber Monday is almost here, and it's set to bring with it a ton of amazing deals. Here are the best Cyber Monday deals 2022.
Les mer »
Authorities arrest man, accusing him of threatening to hang Arizona officialAn Iowa man has been arrested on charges that he left a pair of threatening voicemails to a local election official in Arizona and an official associated with the state attorney general's office nearly a year after the 2020 election.
Les mer »
Binance hack: Around $100 million of Binance coin stolen FridayBinance, the world's biggest crypto exchange, was hacked, and around $100 million worth of Binance Coin was stolen, CEO says
Les mer »
Binance says $100 million in crypto likely stolen in hackCrypto exchange Binance said late Thursday that $100 million was likely stolen as a result of a hack on its Binance Smart Chain blockchain network.
Les mer »
$570 million worth of Binance's BNB token stolen in another major crypto hackCrypto exchange Binance temporarily suspended its blockchain network after hackers made off with around $570 million worth of its BNB token. CEO Changpeng Zhao joins SquawkCNBC to discuss the hack.
Les mer »