{"id":138974,"date":"2023-09-02T02:40:12","date_gmt":"2023-09-01T21:10:12","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138974"},"modified":"2023-09-02T02:40:12","modified_gmt":"2023-09-01T21:10:12","slug":"bnb-hacker-loses-over-53m-after-getting-liquidated-in-market-crash-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bnb-hacker-loses-over-53m-after-getting-liquidated-in-market-crash-crypto-news\/","title":{"rendered":"BNB hacker loses over $53M after getting liquidated in market crash &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div data-v-2649fa34=\"\">\n<p>The sudden market crash in the crypto space liquidated many traders \u2014 and according to data shown on the blockchain, the attackers responsible for the infamous BNB Chain exploit which led to the theft of almost $600 million worth of BNB (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/binance-coin-price-index\">BNB<\/a>) tokens.\u00a0<\/p>\n<p>On Oct. 6, the cross-chain bridge by blockchain network BNB Chain was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/bnb-chain-confirms-bsc-halt-due-to-potential-exploit\">suspended because of an exploit<\/a> that allowed the hackers to make off with 2 million BNB tokens, which were worth around $568 million at the time of the theft. <\/p>\n<p>On Aug. 18, a crypto wallet linked to the exploit had its collateral, worth more than $53 million, liquidated on the crypto lending platform Venus Protocol, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1692401690526556516\">according<\/a> to blockchain security firm PeckShield. The hacker apparently used the tokens as collateral for a $30 million Tether (USDT) loan on the protocol. <\/p>\n<figure><figcaption style=\"text-align: center\">Transaction showing that the BNB exploiter was liquidated. Source: PeckShield<\/figcaption><\/figure>\n<p>On Aug. 18, the entire crypto market suffered a 6% drop, sending the overall market capitalization to $1.1 trillion, according to coin information sites. The event wiped out over $1 billion in crypto positions in the last 24 hours <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/LiquidationData\">according<\/a> to market data tracker Coinglass.\u00a0<\/p>\n<p>The BNB chain hackers were also affected as the price of BNB dropped below $220. According to blockchain data, three positions linked to the wallet were automatically liquidated after the price fell. At the moment, BNB trades at $218 per token. <\/p>\n<p><strong><em>Related: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/liquid-staking-claims-top-spot-in-defi-binance-report\"><strong><em>Liquid staking claims top spot in DeFi: Binance report<\/em><\/strong><\/a><\/p>\n<p>While many suffered losses as a result of the massive drop in the market, some were able to minimize the damage. Days before the crash, a crypto whale <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/ether-whale-dumps-41m-days-before-the-market-crashed\">sold 22,341 Ether<\/a> (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/ethereum-price\">ETH<\/a>), worth around $41 million, and avoided a potential loss of over $5 million in value. Despite this, the crypto trader still lost around $1.7 million in the trade. <\/p>\n<p><strong><em>Magazine: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/magazine\/banning-ransomware-payments-attractive-dangerous-idea\/\"><strong><em>Should we ban ransomware payments? It\u2019s an attractive but dangerous idea<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The sudden market crash in the crypto space liquidated many traders \u2014 and according to data shown on the blockchain, the attackers responsible for the infamous BNB Chain exploit which led to the theft of almost $600 million worth of BNB (BNB) tokens.\u00a0 On Oct. 6, the cross-chain bridge by blockchain network BNB Chain was [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":138975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-138974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138974"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138974\/revisions"}],"predecessor-version":[{"id":147897,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138974\/revisions\/147897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/138975"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}