{"id":63075,"date":"2023-10-28T17:00:08","date_gmt":"2023-10-28T21:00:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=63075"},"modified":"2023-10-28T17:01:00","modified_gmt":"2023-10-28T21:01:00","slug":"bnb-chain-launches-secure-multi-signature-wallet-service","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bnb-chain-launches-secure-multi-signature-wallet-service\/","title":{"rendered":"BNB Chain Launches Secure Multi-Signature Wallet Service"},"content":{"rendered":"\n

BNB Chain has deployed a multi-signature wallet service <\/a>based on the Gnosis Safe protocol on BSC and opBNB. <\/p>\n\n\n\n

\"BNB
BNB Chain Launches Secure Multi-Signature Wallet Service<\/figcaption><\/figure>\n\n\n\n

It operates on the BSC network and opBNB and is based on the Gnosis Safe protocol\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. 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. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

A web3-friendly program called Safe Wallet makes it easier to communicate with the defi and web3 ecosystem<\/a>, improving asset security and facilitating shared asset management.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Security Breaches on BNBChain<\/h2>\n\n\n\n

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. <\/p>\n\n\n\n

A vulnerability in the Vyper programming language during this attack led to copycat attacks on the BNB Smart Chain<\/a> (BSC), which resulted in the theft of roughly $73,000 worth of cryptocurrency through three exploits.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":43,"featured_media":63077,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[9566,16982],"class_list":["post-63075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bnb-chain-2","tag-wallet-service"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/croc_1698525026155.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/63075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=63075"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/63075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/63077"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=63075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=63075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=63075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}