Binance’s blockchain called the Binance Smart Chain, has had decentralized finance protocols established upon it- which has experienced quite a number of exploits and hacks recently. These also include an exploit that took place on DeFi the previous month- which led to a loss of $11 million.
Binance’s Rollback Not Possible Now
One of the representatives of this blockchain network has mentioned that this is how things work in the DeFi world- and there isn’t much one can do to retrace the exploits. This has been the case despite the exchange retaining quite a major degree of control over the Smart Chain procedure- which makes it far more centralized over competing blockchains.
Samy Karim, the business and ecosystem development coordinator at Binance mentioned that since BCS was one of the public permissionless infrastructures- anyone could deploy any project there. CoinDesk reiterated the statement that there were several malicious actors along with exploits and hacks- which aren’t exactly new and not something that is unique to BSC.
Karim further mentioned that it was not possible- dashing the hopes of so many people who were thinking of a rollback as fast as possible. In under a year, the stature of Binance has grown dramatically- which has started making even more headlines as one of the better rivals of the blockchain Ethereum– which have been referred to as “Ethereum killers”.
The blockchain security algorithm of BSC- also called the Proof-Of-Staked-Authority- is being monitored by around 21 different node operators. They have been further elected by BNB holders. But since Binance is still one of the largest players of BNB tokens and one of the biggest blockchains in the cryptocurrency sector- it still has quite a large amount of control.
