BNBChain unveils secure multi-signature wallet

BNBChain has launched its safe multi-signature wallet service, BNB SafeWallet. It is based on the Gnosis Safe protocol and runs on the BSC network and opBNB. 

According to BNBChain’s blog post, the launch of Gnosis Safe Multisig on the Binance Smart Chain is a milestone in enhancing security for the BSC network and beyond. 

Gnosis Safe, a smart contract wallet, boasts core multisig functionality, enabling advanced execution logic, access management, and high security.

The protocol supports various wallets controlled by one or multiple owners for wallet security. BNBChain’s Safe multi-signature wallet service, utilizing the Gnosis Safe protocol, provides a storage solution for digital assets. 

Users can define owner accounts and a database threshold number of confirmations required for transactions, ensuring security measures. To access the BNB Chain multi-signature wallet service, users must initially create a Safe, the team says.

Gnosis Safe is a decentralized custody protocol and asset management platform across Ethereum (ETH), EVM, Ethereum Mainnet, BNB Smart Chain, Optimism, Arbitrum, zkSync, and Polygon networks. The Safe Wallet, a web3-friendly tool, streamlines interaction with the defi and web3 ecosystem, enhancing asset security and enabling shared asset management.

The number of required signatures for a transaction can vary based on the wallet setup, typically ranging from two to three. However, users have the flexibility to opt for more signatures if desired.

BNBChain security breaches

The BNBChain network has faced various hacks and attacks in recent times, with notable incidents including the Vyper Copycat Exploit on BSC in July 2023. During this attack, the BNB Smart Chain (BSC) experienced copycat attacks due to a vulnerability in the Vyper programming language, resulting in the theft of approximately $73,000 worth of cryptocurrencies across three exploits.

Additionally, in October 2022, a significant hack targeted Binance (BNB), where hackers exploited a vulnerability in the BNB network, leading to an estimated $570 million being compromised. The attackers managed to create 2 million BNB tokens due to a bug in the smart contract, allowing them to forge transactions and transfer funds into their wallets.

Furthermore, in September 2023, the hackers responsible for the $41 million Stake casino hack shifted an additional $328,000 million worth of Polygon (MATIC) and BNB (BNB) tokens, as reported.