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BNB hacker loses $53M in market crash liquidation.

Following the decline of BNB’s price below $220, a crypto wallet associated with the BNB Smart Chain exploit encountered the liquidation of three of its positions.

This event highlights the vulnerability of the crypto market and the potential consequences faced by those involved in exploitative activities.

The incident serves as a reminder of the risks and volatility inherent in the cryptocurrency space,

prompting further discussions about security measures and risk management within the ecosystem.

As the crypto market experienced a sudden pullback, numerous traders faced liquidation.

Disturbingly, the attackers behind the notorious BNB Smart Chain exploit were among those affected.

This exploit resulted in the theft of nearly $600 million worth of BNB tokens,

as revealed by blockchain data.

The exploit took place on October 6 when the cross-chain bridge of the BNB Smart Chain blockchain network was suspended.

During the breach, the hackers managed to abscond with 2 million BNB tokens,

valued at approximately $568 million at the time of the incident.

Adding to the saga, on August 18, a crypto wallet associated with the exploit suffered collateral liquidation on the Venus Protocol crypto lending platform.

The collateral, amounting to over $53 million, was used by the hacker as security for a loan of 30 million Tether on the protocol.

This development, uncovered by blockchain security firm PeckShield,

sheds further light on the activities and consequences surrounding the BNB Smart Chain exploit.

Market Downturn: $1B Losses and BNB Smart Chain Hackers Liquidated

In a significant market downturn on August 18, the entire crypto market experienced a 6% decline,

causing the overall market capitalization to reach $1.1 trillion, as reported by coin information sites.

This sharp drop resulted in over $1 billion in losses within a 24-hour period, according to data from market tracker CoinGlass.

Among those affected by the market downturn were the hackers involved in the BNB Smart Chain exploit.

As the price of BNB dipped below $220, three positions associated with their wallet were automatically liquidated,

as indicated by blockchain data. Presently, BNB is trading at approximately $218 per token.

While many traders incurred losses due to the market crash, some individuals were able to mitigate the impact.

Prior to the downturn, a crypto whale sold 22,341 Ether, valued at approximately $41 million, avoiding a potential loss of over $5 million in value.

Nevertheless, the trader still experienced a loss of around $1.7 million from the trade.

This demonstrates the volatility and risks associated with crypto trading,

as well as the potential for strategic actions to minimize losses during market fluctuations.

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