Binance ensures smooth transition for BNB network upgrade and Hard Fork

Binance, a global powerhouse in the world of cryptocurrencies, is gearing up for a significant development – the BNB Smart Chain (BEP20) network upgrade and Hard Fork. This strategic move has been undertaken to enhance the performance and user experience of the BNB Smart Chain.

Scheduled for August 30, 2023, at 10:30 a.m., this upgrade will take place at block height 31,302,048 of the BNB Smart Chain. To facilitate this transition smoothly, token deposits and withdrawals on the BNB Smart Chain (BEP20) will be temporarily halted from around 10:15 p.m. on the same day.

Crucial points to keep in mind

It’s important to note that the trading of tokens on the BNB Smart Chain (BEP20) will remain unaffected during the network upgrade and Hard Fork. This means that users can continue to trade their digital assets without disruption.

On the other hand previous week As per Venus Protocol, the BNB Bridge exploiter account was restored to a healthy state as assured by BNB Chain. This was achieved through whitelisted liquidation, with no resulting shortfall or additional impact on BNB.

Venus Protocol, operating in the BNB Chain ecosystem, has sold a wallet tied to last year’s bridge breach. The wallet was liquidated for $63 million, as reported by cybersecurity firm PeckShield.

Binance, known for its commitment to user satisfaction, will be handling all the necessary technical aspects to ensure a seamless transition for its vast user base. Importantly, this upgrade will not result in the creation of new tokens.

Once the upgraded network is deemed stable and secure, Binance will promptly reopen deposits and withdrawals for tokens on the BNB Smart Chain (BEP20). This move showcases Binance’s dedication to providing a secure and efficient trading environment for its users.

As a final note, Binance has made it clear that there will be no further announcements regarding this matter. They are diligently working behind the scenes to make sure that the network upgrade and Hard Fork proceed as smoothly as possible, underscoring their commitment to the crypto community.

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