BNB Hacker Loses Over $53 mn
Crypto market pullback liquidated traders, leading to the theft of $600 million in BNB tokens due to the BNB Smart Chain exploit, as revealed on blockchain data.
On October 6, BNB Smart Chain’s cross-chain bridge was suspended due to an exploit that allowed hackers to steal 2 million BNB tokens worth $568 million. On August 18, a wallet linked to the exploit’s collateral was liquidated on Venus Protocol, worth over $53 million. The hacker used the tokens as collateral for a 30-million-Tether loan.
On August 18, the crypto market experienced a 6% drop, causing a $1.1 trillion market capitalization. Over $1 billion in positions were wiped out in the last 24 hours. BNB Smart chain hackers were also affected, as the price of BNB dropped below $220. Blockchain data shows three wallet positions were automatically liquidated after the price fell. BNB is currently trading at $218 per token.
(With inputs from Shikha Singh)
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