BNB hacker loses over $53M after getting liquidated in market crash


Related articles

The sudden market pullback within the crypto house liquidated many merchants and, based on knowledge proven on the blockchain, the attackers accountable for the notorious BNB Sensible Chain exploit, which led to the theft of virtually $600 million price of BNB (BNB) tokens. 

On Oct. 6, the cross-chain bridge by blockchain community BNB Sensible Chain was suspended because of an exploit that allowed the hackers to make off with 2 million BNB tokens, which have been price round $568 million on the time of the theft.

On Aug. 18, a crypto pockets linked to the exploit had its collateral, price greater than $53 million, liquidated on the crypto lending platform Venus Protocol, according to blockchain safety agency PeckShield. The hacker apparently used the tokens as collateral for a 30-million-Tether (USDT) mortgage on the protocol.

Transaction displaying that the BNB exploiter was liquidated. Supply: PeckShield

On Aug. 18, the whole crypto market suffered a 6% drop, sending the general market capitalization to $1.1 trillion, based on coin info websites. The occasion worn out over $1 billion in crypto positions within the final 24 hours according to market knowledge tracker CoinGlass. 

The BNB Sensible chain hackers have been additionally affected, as the value of BNB dropped beneath $220. Based on blockchain knowledge, three positions linked to the pockets have been mechanically liquidated after the value fell. In the mean time, BNB is buying and selling at $218 per token.

Associated: Liquid staking claims top spot in DeFi: Binance report

Whereas many suffered losses on account of the huge drop available in the market, some have been in a position to decrease the injury. Days earlier than the crash, a crypto whale sold 22,341 Ether (ETH), price round $41 million, and averted a possible lack of over $5 million in worth. Regardless of this, the crypto dealer nonetheless misplaced round $1.7 million within the commerce.

Collect this article as an NFT to protect this second in historical past and present your help for unbiased journalism within the crypto house.

Journal: Should we ban ransomware payments? It’s an attractive but dangerous idea