Cryptocurrency NewsBNBChain Introduces BNB SafeWallet

BNBChain Introduces BNB SafeWallet

BNBChain has unveiled its secure multi-signature wallet service, BNB SafeWallet, which operates on the BSC network and opBNB, and is built upon the Gnosis Safe protocol.

In a blog post, BNBChain highlighted the introduction of Gnosis Safe Multisig to the Binance Smart Chain as a significant advancement in fortifying the security of the BSC network and its surrounding ecosystem.

Gnosis Safe is a smart contract-based wallet featuring essential multisig capabilities, which empower users with sophisticated execution logic, access control, and robust security.

This protocol enables the support of various wallets, which can be managed by single or multiple entities to augment wallet security. BNBChain’s SafeWallet, leveraging the Gnosis Safe protocol, offers a secure storage solution for digital assets.

Users are given the ability to set up owner accounts and determine a requisite number of confirmations for transactions, thereby fortifying security protocols. To utilize the BNB Chain multi-signature wallet service, users are required to initially set up a Safe, as per the guidance of the team.

Gnosis Safe stands as a decentralized custody protocol and asset management platform, spanning across Ethereum (ETH), EVM, Ethereum Mainnet, BNB Smart Chain, Optimism, Arbitrum, zkSync, and Polygon networks. The Safe Wallet serves as a web3-compatible tool, enhancing interactions within the defi and web3 domains, and subsequently boosting asset security and collaborative asset management.

Depending on the wallet’s configuration, the number of signatures needed for a transaction can vary, typically falling between two and three, although there is room for users to opt for additional signatures if they wish.

The BNBChain network has encountered a series of hacks and assaults in recent times. A notable event was the Vyper Copycat Exploit on BSC in July 2023, during which the BNB Smart Chain (BSC) was subjected to copycat attacks due to a flaw in the Vyper programming language, culminating in the theft of cryptocurrencies worth around $73,000 across three separate incidents.

In another incident in October 2022, a major breach occurred on Binance (BNB), with hackers exploiting a vulnerability within the BNB network, resulting in an estimated loss of $570 million. The perpetrators were able to generate 2 million BNB tokens due to a smart contract bug, enabling them to forge transactions and siphon funds into their own wallets.

Additionally, in September 2023, the culprits behind the $41 million Stake casino heist moved an extra $328,000 million in Polygon (MATIC) and BNB (BNB) tokens, as reported.


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