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BNB Chain: $53M Triumph

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ByMarcel Bich

Sep 12, 2023
BNB Chain: $53M Triumph
Marcel Bich
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Venus Protocol, a decentralized lending platform, has taken action in response to the BSC Token Hub hack, liquidating positions tied to the incident. The hacker who targeted BNB Chain reportedly incurred losses exceeding $53 million.

Navigating BNB’s Turmoil: Liquidation, Recovery, and Strategic Maneuvers

BNB’s price dip below $210 last week prompted the liquidation of the attacker’s $52.3 million holdings. To mitigate the impact of margin calls on the network, the BNB Chain team manually closed the position. This strategic decision aimed to prevent potential destabilization of BNB’s value and reduce risks across the broader cryptocurrency landscape.

Addressing recent market fluctuations, the protocol issued a statement asserting that the attacker’s BNB Bridge account has been reinstated through a whitelist liquidation. This action was conducted without any losses or further negative repercussions on BNB.

In a past incident in October, a hacker exploited the BSC Token Hub bridge, which linked the BEP2 network and the Binance Smart Chain (BSC). This exploit facilitated the transfer of approximately 2 million Binance Coins (BNB), equivalent to around $570 million.

Subsequently, the hacker used 920,000 BNB as collateral to secure a $150 million USDT loan through the decentralized financial lending protocol Venus. This maneuver highlights the sophistication and audacity of the attacker’s actions within the cryptocurrency ecosystem.

 
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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.