1 year ago
According to Coinglass, the crypto marketplace witnessed much than $1.04 cardinal successful liquidations during this period. Of this, a BNB presumption connected the Venus lending protocol belonging to the perpetrator of the BSC span $560M hack was liquidated.
The BSC Bridge Hack: Understanding One of Crypto’s Biggest Exploits
The BSC brdige hack successful October 2022 was 1 of the biggest exploits successful crypto and DeFi history, with the hacker stealing astir $593 cardinal successful BNB. But the communicative didn’t extremity determination arsenic the hacker tried to launder arsenic overmuch wealth arsenic they could.
After the attack, the hacker deposited 900,000 BNB worthy $200 cardinal connected Venus arsenic collateral to get $150 cardinal worthy of stablecoins. With much than $598.25 cardinal successful TVL, the Venus protocol is the second-largest DeFi protocol connected the Binance Smart Chain.
According to DeFi researcher Ignas, the presumption was the “single largest imaginable liquidation successful each #DeFi that cannot beryllium closed.” This is because, portion the BNB Chain was halted and the web upgrade aft the exploit, the ecosystem was enactment astatine risk, arsenic liquidation of specified an magnitude could pb to a further plummet successful the terms of BNB.
As a result, the Venus DAO voted to whitelist BNB Chain arsenic the sole liquidator of the hacker’s code successful lawsuit of a borderline call. Notably, a driblet successful the terms of BNB to $220 would spot the hacker’s collateral liquidated.
Now, with the terms of the token experiencing a selloff successful the past fewer days, the squad has chosen to manually liquidate the presumption to trim the interaction of a borderline telephone connected the BSC ecosystem.
On-chain information from PeckShieldAlert shows that the presumption has been liquidated for 5.6 cardinal BNB tokens worthy $52.3 million, a fraction of the full position.
Following today’s marketplace movement, the BNB Bridge exploiter relationship was made steadfast arsenic promised by @BNBCHAIN utilizing whitelisted liquidation without immoderate resulting shortfall oregon further interaction to $bnb https://t.co/TGZ7nbiDPN
— Venus Protocol (@VenusProtocol) August 18, 2023
What’s Next For BNB?
Since that time, the terms of BNB has dropped beneath $220. Now, the cryptocurrency is trading astatine $215.00, reflecting a driblet of 10.76% successful the past 7 days.
Although the token has had a pugnacious clip with its terms successful the past fewer months arsenic the manufacture awaits the result of the SEC’s suit against Binance.US, the toke inactive manages to basal beardown than astir would expect.
At this time, BNB has a marketplace headdress of $33 billion, making it the fourth-largest cryptocurrency.
Featured representation from Binance, illustration from Tradingview.com
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