April 19, 2024
BNB Smart Chain Exploit Sparks $600 Million Heist Amid Crypto Market Crash
Latest Cryptocurrency News

$53M Collateral Liquidated from BNB Hacker’s Crypto Wallet

The abrupt market retreat within the cryptocurrency realm resulted in the liquidation of numerous traders. As per information visible on the blockchain, the culprits behind the BNB Smart Chain exploit, which caused the disappearance of nearly $600 million worth of BNB tokens, were impacted.

On October 6, the cross-chain bridge of the blockchain network BNB Smart Chain was shut down after hackers managed to get away with two million BNB tokens worth approximately $568 million in theft.

The hacker apparently used these tokens as collateral for a 30 million Tether loan granted under the protocol. On August 18, the cryptocurrency wallet involved in the exploit had to liquidate more than $53 million worth of collateral on its Venus Protocol crypto-lending platform. The operation was confirmed by blockchain security firm PeckShield. Meanwhile, on August 18, the entire cryptocurrency market hit the 6 percent mark, bringing the total market capitalization down to $1.1 trillion, as reported by cryptocurrency data platforms.The event destroyed more than $1 billion in cryptocurrency holdings in the last 24 hours, according to statistics from market data tracker CoinGlass.

Notably, the perpetrators of the BNB smart chain breach were also affected, as evidenced by the value of BNB falling below $220. Blockchain data confirms that three positions linked to the linked wallet were subject to automatic liquidation after the price drop.

BNB is currently trading at a price of $218 per token. Many individuals suffered losses due to the significant downturn in the market, but some individuals were able to limit the extent of their losses. Days before the crash, a well-known cryptocurrency holder sold 22,341 Ether worth about $41 million, avoiding a potential write-down of over $5 million. Despite this strategic move, crypto traders still lost around $1.7 million on trading.

Image by Pixabay

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