Cross-Chain Transfers Resume on Binance Following BNBChain’s Upgrade

Twitter icon  •  Published 1 year ago  •  Hassan Maishera

Binance has announced that the BNBChain network upgrade is complete, and cross-chain transfers on the blockchain have resumed.

Binance, the world’s largest cryptocurrency exchange, announced that cross-chain transfers on its network are now available after the upgrade on the BNBChain was completed.

The upgrade took place after last week’s hack of the Binance bridge. The attacker stole around $100 million, prompting Binance to upgrade the BNBChain and ensure further attacks are thwarted.

The Moran hard fork intends to correct several issues on the BNB Chain resulting from its $100 million hack last week. Binance stated that;

“All relevant funds stuck in cross-chain transfers will now have arrived in your target wallet, or source Transfers between BNB Beacon Chain and BNB Smart Chain are now functioning normally.”

BNBChain also tweeted that all relevant funds stuck in cross-chain transfers will now have arrived in your target wallet or source. Transfers between BNB Beacon Chain and BNB Smart Chain are now functioning normally. 

According to the cryptocurrency exchange, the upgrade didn’t affect the trade of Binance Smart Chain tokens on its platform but required deposits and withdrawals of those tokens to be temporarily paused.

The upgrade came after the cryptocurrency exchange informed its community that the BNB Smart Chain (BEP20) network upgrade and hard fork will take place at the BNB Smart Chain block height of 22,107,423, or approximately at 2022-10-12 08:00 (UTC). Binance added that deposits and withdrawals on BNB Smart Chain (BEP20) would be suspended starting from approximately 2022-10-12 07:00 (UTC).

The patch release, called the “Moran hard fork,” was described as temporary as it is designed to re-enable cross-chain functionality between the BNB Beacon Chain and Binance Smart Chain. 

Binance launched its BNB Beacon Chain in April 2019 and designed it to support scalable crypto transfers, including tokens like BNB. The crypto exchange introduced Binance Smart Chain in 2020 to bring smart contracts and decentralized applications (dApps) to the Binance ecosystem.

BNBChain’s chief scientist “V” commented that most of the cross-chain transfers between each chain were “queued.” However, they should now either “arrive in the target wallets or get refunded back to the source.” He added that any delayed staking rewards accumulated by BNB users are to be dispatched by 0:00:00 UTC on October 13th.

In the coming weeks, Binance developers plan to upgrade the BNBChain network’s underlying cross-chain proof verification and roll out other security measures to the cross-chain system. 

Despite the recent security challenges, Binance remains the leading crypto exchange in the world. Binance’s continued expansion globally and more positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.