So BNB chain was suspended for several hours due to an exploit that affected the native cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC).
Two million BNB was withdrawn ($580 million worth) but a statement from Binance and CZ mention the jacker was able to get away with $100 million because the BNB network was paused and $7 million was frozen. Quite alot of people felt the halting of an entire chain showed it was quite opposite from what decentralization meant, but Binance explained they had to reach their validators in several time zones who had to halt the chains they could combat the hack.
How did the hack happen?
The hacker simply exploited a vulnerability on the chain and requested 1 million BNB twice from BNB bridge. When cyber security experts first saw this, they knew it was either a hack (but didn't think it was from Binance ) or the biggest giveaway in history and had to look into it swiftly. Pretty sure any delay would have led to the sucess of the second biggest cryptocurrencily hack in history.
Binance's Solution and Mitigation
Binance halted their network to stop the transfer of fund sand were able to freeze $7 million worth of exploited tokens and right now there's a governance vote to determine the following.
What to do with the hacked funds, freeze or not to freeze?
Whether to use BNB Auto-Burn to cover the remaining hacked funds, or not?
A Whitehat program for future bugs found, $1M for each significant bug found.
A Bounty for catching hackers, up to 10% of the recovered funds.
The most interesting to me are the third and fourth options and I honestly felt they had these before. Well, it's not too late, although they shouldn't have waited for an exploit before doing this. Hopefully, these 3rd and 4th actions will help reduce the crime in the cryptospace and would help make their chain safer for their customers.