Safe

Polygon

Gnosis

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.&nbsp;
According to BNBChain’s blog <a href="https://docs.bnbchain.org/opbnb-docs/docs/build-on-opbnb/multisig-wallet" target="_blank" rel="noopener noreferrer nofollow">post</a>, the launch of Gnosis Safe Multisig on the Binance Smart Chain is a milestone in enhancing security for the BSC network and beyond.&nbsp;
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. <a href="https://crypto.news/tag/bnb/" data-type="link" data-id="https://crypto.news/tag/bnb/" rel="noopener noreferrer nofollow">BNBChain’s</a> Safe multi-signature wallet service, utilizing the Gnosis Safe protocol, provides a storage solution for digital assets.&nbsp;
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 <a href="https://safe.bnbchain.org/new-safe/create?chain=bsc-testnet" target="_blank" rel="noopener noreferrer nofollow">Safe</a>, the team says.
Gnosis Safe is a decentralized custody protocol and asset management platform across Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>), 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.
You might also like: <a href="https://crypto.news/binances-uk-chief-resigns-amid-regulatory-pressure/" rel="noopener noreferrer nofollow"> Binance’s UK chief resigns amid regulatory pressure </a>
<h2 class="wp-block-heading" id="bnbchain-security-breaches">BNBChain security breaches</h2>
The BNBChain network has faced various hacks and attacks in recent times, with notable <a href="https://crypto.news/bsc-suffers-73k-vyper-attack-following-curve-finance-exploit/" rel="noopener noreferrer nofollow">incidents</a> 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 <a href="https://www.forbes.com/sites/qai/2022/10/09/what-happened-with-the-570-million-binance-bnb-hack-and-what-does-it-really-mean-for-crypto-investors/" target="_blank" rel="noopener noreferrer nofollow">hack</a> 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 <a href="https://crypto.news/hackers-transfer-bnb-and-matic-amid-41m-stake-exploit/" rel="noopener noreferrer nofollow">shifted</a> an additional $328,000 million worth of Polygon (MATIC) and BNB (BNB) tokens, as reported.
Read more: <a href="https://crypto.news/binance-ceo-reportedly-lost-12b-amid-regulatory-problems/" rel="noopener noreferrer nofollow"> Binance CEO reportedly lost $12b amid regulatory problems </a>

BNBChain unveils secure multi-signature wallet

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