{"id":139786,"date":"2023-09-02T00:55:29","date_gmt":"2023-09-01T19:25:29","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=139786"},"modified":"2023-09-02T00:55:29","modified_gmt":"2023-09-01T19:25:29","slug":"hacker-behind-570000000-exploit-gets-manually-liquidated-for-52300000-by-bnb-chain-protocol-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/hacker-behind-570000000-exploit-gets-manually-liquidated-for-52300000-by-bnb-chain-protocol-crypto-news\/","title":{"rendered":"Hacker Behind $570,000,000 Exploit Gets Manually Liquidated for $52,300,000 by BNB Chain Protocol – Crypto News"},"content":{"rendered":"

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The perpetrator who hacked Binance\u2019s internal cross-chain bridge last year and looted $570 million worth of Binance Coin (BNB<\/a>) just got some of their stolen funds liquidated.<\/span><\/p>\n

In October, the hacker in question exploited<\/a> BSC Token Hub, the cross-chain bridge between the BNB Beacon Chain (BEP2) and the BNB Smart Chain (BSC).<\/p>\n

The bad actor subsequently initiated the transfer of about\u00a02 million <\/span>BNB<\/span> worth roughly $570 million at the time and <\/span>deposited<\/a> 920,000 BNB worth $255.89 into the decentralized finance (DeFi) lending protocol Venus to be used as collateral.\u00a0<\/span><\/p>\n

Amid concerns that the BNB ecosystem would witness a cascading sell-off event if the hacker\u2019s position got liquidated on-chain, the Venus community voted<\/a> in favor of a governance proposal that enabled the BNB Chain core team to manually liquidate the position.\u00a0<\/span><\/p>\n

Says<\/span><\/a> Venus about the proposal,<\/span><\/p>\n

\u201cIn November 2022, BNB Chain submitted a governance proposal which was passed by the community to whitelist liquidation of the BNB Bridge exploiter\u2019s position exclusively to the BNB Chain core team for the purpose of securing the misappropriated assets and preventing any further impact and sell-off from liquidating.\u201d<\/span><\/i><\/p>\n

On August 18th, the price of BNB dropped to a low of $213.96, prompting the manual liquidation<\/a> of the attacker\u2019s position to the tune of $52.3 million<\/a>, according to blockchain security firm PeckShield.<\/p>\n

\u201cFollowing today\u2019s market movement, the BNB Bridge exploiter account was made healthy as promised by BNB Chain using whitelisted liquidation without any resulting shortfall or further impact to BNB.\u201d<\/span><\/i><\/p>\n

At time of writing, BNB is worth $216.69.<\/p>\n

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n

Featured Image: Shutterstock\/tunnelmotions\/Sensvector<\/span><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The perpetrator who hacked Binance\u2019s internal cross-chain bridge last year and looted $570 million worth of Binance Coin (BNB) just got some of their stolen funds liquidated. In October, the hacker in question exploited BSC Token Hub, the cross-chain bridge between the BNB Beacon Chain (BEP2) and the BNB Smart Chain (BSC). The bad actor […]<\/p>\n","protected":false},"author":2,"featured_media":139787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-139786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139786","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=139786"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139786\/revisions"}],"predecessor-version":[{"id":147581,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139786\/revisions\/147581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/139787"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=139786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=139786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=139786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}