BNB hacker loses over $53M after getting liquidated in market crash

The abrupt marketplace pullback successful the crypto abstraction liquidated galore traders and, according to information shown connected the blockchain, the attackers liable for the infamous BNB Smart Chain exploit, which led to the theft of astir $600 cardinal worthy of BNB (BNB) tokens. 

On Oct. 6, the cross-chain span by blockchain web BNB Smart Chain was suspended due to the fact that of an exploit that allowed the hackers to marque disconnected with 2 cardinal BNB tokens, which were worthy astir $568 cardinal astatine the clip of the theft.

On Aug. 18, a crypto wallet linked to the exploit had its collateral, worthy much than $53 million, liquidated connected the crypto lending level Venus Protocol, according to blockchain information steadfast PeckShield. The hacker seemingly utilized the tokens arsenic collateral for a $30 cardinal Tether (USDT) indebtedness connected the protocol.

Transaction showing that the BNB exploiter was liquidated. Source: PeckShield

On Aug. 18, the full crypto marketplace suffered a 6% drop, sending the wide marketplace capitalization to $1.1 trillion, according to coin accusation sites. The lawsuit wiped retired implicit $1 cardinal successful crypto positions successful the past 24 hours according to marketplace information tracker Coinglass. 

The BNB concatenation hackers were besides affected arsenic the terms of BNB dropped beneath $220. According to blockchain data, 3 positions linked to the wallet were automatically liquidated aft the terms fell. At the moment, BNB trades astatine $218 per token.

Related: Liquid staking claims apical spot successful DeFi: Binance report

While galore suffered losses arsenic a effect of the monolithic driblet successful the market, immoderate were capable to minimize the damage. Days earlier the crash, a crypto whale sold 22,341 Ether (ETH), worthy astir $41 million, and avoided a imaginable nonaccomplishment of implicit $5 cardinal successful value. Despite this, the crypto trader inactive mislaid astir $1.7 cardinal successful the trade.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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