A Technical Explanation of the Binance Chain Hack

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