BNB Chain has deployed a multi-signature wallet service based on the Gnosis Safe protocol on BSC and opBNB.
It operates on the BSC network and opBNB and is based on the Gnosis Safe protocol. The introduction of Gnosis Safe Multisig on the Binance Smart Chain, according to a blog post by BNBChain, is a significant step toward improving security for the BSC network and beyond.
With its core multisig capability, Gnosis Safe is a smart contract wallet with high security, access control, and sophisticated execution logic. For wallet security, the protocol permits several wallets under the control of one or more owners.
Digital asset storage is offered by BNBChain’s Safe multi-signature wallet service, which makes use of the Gnosis Safe protocol. To ensure security, users can choose owner accounts and the minimum number of database confirmations needed for transactions.
Users must first create a Safe in order to use the BNB Chain multi-signature wallet service, according to the company. Gnosis Safe is a decentralized custody protocol and platform for managing assets that work with the Ethereum (ETH), zkSync, Arbitrum, BNB Smart Chain, EVM, and Ethereum Mainnet networks.
A web3-friendly program called Safe Wallet makes it easier to communicate with the defi and web3 ecosystem, improving asset security and facilitating shared asset management.
Depending on how the wallet is configured, two to three signatures are usually needed for a transaction. Users can, however, choose to have more signatures if they so like.
Security Breaches on BNBChain
Recent years have seen a number of hacks and attacks against the BNBChain network; one significant instance was the July 2023 Vyper Copycat Exploit on BSC.
A vulnerability in the Vyper programming language during this attack led to copycat attacks on the BNB Smart Chain (BSC), which resulted in the theft of roughly $73,000 worth of cryptocurrency through three exploits.
Furthermore, a noteworthy attack that hit Binance (BNB) in October 2022 saw hackers take advantage of a weakness in the BNB network, compromising an estimated $570 million.
Because of a weakness in the smart contract, the attackers were able to create 2 million BNB tokens, which gave them the ability to falsify transactions and move money into their wallets.
Moreover, it was revealed that in September 2023, the hackers who had previously hacked the Stake casino for $41 million also stole $328,000 million worth of BNB (BNB) and Polygon (MATIC) tokens.
