BNB (Binance) Smart Chain hacked! $100 million stolen! Could this Impact Big Eyes Coin?
The very fact that the BNB Chain could be frozen with this degree of immediacy indicates a far greater concern than the hack and robbery itself. This has underscored the level of centralisation that exists throughout the BNB Chain.
 )
FollowThe BNB Chain is back in operation following a major hack into the security of the network. $100 million of BNB has been confirmed to have been stolen in the attacks. Champeng Zhao, CEO and founder of Binance tweeted: ‘We have asked all validators to temporarily suspend BSC. The issue is contained now.’
What takeaways are there from this incident? Read on to find out.
BNB Smart Chain validators acted swiftly to freeze the blockchain
While this action, at face value, seems to indicate the right course of action - freeze all transfers of assets on the blockchain to ensure no more funds could be stolen. There is much more to this issue than meets the eye.
The very fact that the BNB Chain could be frozen with this degree of immediacy indicates a far greater concern than the hack and robbery itself. This has underscored the level of centralisation that exists throughout the BNB Chain.
Only 21 validators are needed to verify transactions on the blockchain. Compared to other blockchains like Solana, Avalanche and Ethereum, which have roughly 3,500, 2,000 and an unlimited number respectively…The BNB Chain begins to look rather precarious.
What does this say about centralisation?
This news may come as a surprise to many. Cryptocurrency and blockchain is, after all, a technology that emerged from a lust for a decentralised financial infrastructure. Only 21 validators on a global network that powers the world’s largest centralised cryptocurrency exchange make the BNB Chain very attractive for potential attackers.
This recent attack on the BNB Chain could leave investors and even developers wary about the BNB Smart Chain. Although it brings a higher throughput of transactions and greater scalability, it is issues like this due to a lack of decentralisation which will inhibit its growth into a real Ethereum rival.
Stick with Ethereum tokens - Buy Big Eyes Coin!
In the aftermath of this attack, invstors and buidlers will likely seek security from the king altcoin - Ethereum. ETH has shown its strength not only through this bear market but in its unparalleled levels of network security too. Following a successful ETH 2.0 merge, the Ethereum blockchain is sure to be around for as long as cryptocurrency is.
With this in mind, we have an ERC-20 token for you that might bolster your portfolio this crypto winter. Big Eyes Coin is the newest cat in town and wants to extend its reach over the animal kingdom. Check out their Twitter page to get frequent updates from the development team. They have in the last week secured a Tier-1 Centralised Exchange which is yet to be announced, let’s hope it isn't Binance!
The token is flying through its presale phases and has raised nearly $6 million in nearly two months. In stage 4 of its presale, the best time to buy Big Eyes is now before the next stage rolls in and the price goes up 25%. With 10 stages left of the presale, an investment in Big Eyes Coin now would leave you with over a 200% increase in monetary value upon the token launch in November. Don’t miss out on this coin with cattitude!
Big Eyes Coin (BIG)
Presale: https://buy.bigeyes.space
Website: https://bigeyes.space
Disclaimer: This is a featured content
subscribe to Asianet Newsable WhatsApp channel by clicking here.For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.
