Today, Binance developers announced the immediate release of the temporary urgent fix v1.1.16. After the recent cross-chain exploit costing $100 million, the patch will repair cross-chain infrastructure between BNB Beacon Chains and BNB Smart Chains.
The patch will allow cross-chain communication to be re-enabled, which was temporarily disabled after the attack.
The v1.1.16 patch It is more of a hardfork of the mainnet than the testnet. The Moran hardfork upgrade for mainnet is scheduled to occur at block height 22,107 423 on October 12th at approximately 8 AM UTC. While the upgrade for testnet is anticipated to take place on October 11th at 8AM UTC, block height 23,603,940.
What the upgrade aims to fix
The upgrade will address the IAVL vulnerabilities, whitelist the relayer to the genesis and add a block header for sequence checks in CrossChain Contract.
Since this patch is an emergency fix that fixes potential issues on the BNB Chain, validators will need to immediately check the patch and update with it.
Binance developers confirm that users will be able receive their funds immediately following the upgrade. The staking rewards and cashback will also be available within the same day.
Binance will then announce additional improvements.
The BNB token’s price continues to decline
Since October 7, when the BSC Token Hub exploit was completed, the BNB has been in a freefall state.
The BNB token dropped another 8% after a 5% drop the day before the exploit. At press time it was trading at $271.22. This is a significant drop from its October highs of $297.