BNB Hacker Faces $53M Loss in Market Crash
A recent market crash in the cryptocurrency space has resulted in significant losses for many traders, including the attacker responsible for the infamous BNB Smart Chain exploit. The exploit led to the theft of nearly $600 million worth of BNB tokens.
On October 6th, the cross-chain bridge on the BNB Smart Chain blockchain network was suspended due to an exploit that allowed hackers to steal 2 million BNB tokens, valued at around $568 million at the time of the theft.
According to blockchain security firm PeckShield, on August 18th, a crypto wallet associated with the exploit had its collateral liquidated on the Venus Protocol crypto lending platform. The collateral was worth over $53 million. The hacker used the stolen tokens as collateral for a 30-million-Tether (USDT) loan on the protocol.
On August 18th, the entire crypto market experienced a 6% drop, resulting in an overall market capitalization of $1.1 trillion, according to coin information sites. This event caused over $1 billion in crypto positions to be wiped out in the span of 24 hours, as reported by the market data tracker CoinGlass.
The BNB Smart Chain hackers were also affected by the crash, as the price of BNB fell below $220. As a result, three positions linked to the wallet were automatically liquidated. Currently, BNB is trading at $218 per token.
Minimizing Losses in the Market Crash
While many traders suffered losses during the market crash, some were able to minimize the damage. Prior to the crash, a cryptocurrency whale sold 22,341 Ether (ETH), worth approximately $41 million, avoiding a potential loss of over $5 million. However, the trader still incurred a loss of around $1.7 million in the trade.
It is essential to make informed decisions and stay updated on market trends to mitigate risks in the volatile cryptocurrency space. Being aware of market fluctuations and taking necessary precautions can help traders navigate through challenging situations.
Preserving the Moment in NFTs
This particular market crash and the events surrounding it can be preserved as a historical moment through NFTs (Non-Fungible Tokens). Collecting articles like this as NFTs supports independent journalism in the crypto sector and allows individuals to commemorate significant events in the industry.
In conclusion, the recent market crash has led to substantial losses for various traders, including the BNB hacker responsible for the exploit on the BNB Smart Chain. It serves as a reminder for traders to remain vigilant and informed while navigating the cryptocurrency market. Let’s take this opportunity to support independent journalism in the crypto space by preserving articles like this as NFTs.
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