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The sudden drop in cryptocurrencies this week has exposed legions of speculators and, judging by the blockchain data, the culprit behind the giant hack. According to blockchain forensics
The sudden drop in cryptocurrencies this week has exposed legions of speculators and, judging by the blockchain data, the culprit behind the giant hack. According to blockchain forensics firm PeckShield, the crypto wallet linked to the Binance Coin (BNB) heist last October had a total of $63 million worth of digital assets liquidated on the Venus Protocol crypto lending platform. The hacker provided the stolen cryptocurrency as collateral for a $30 million USDT stablecoin loan.
The identity of the hacker or hacker group that hit the “cross bridge” known as the BSC Token Hub remains a mystery. Several similar attacks that have rocked the crypto world in the past two years have been attributed to the Lazarus Group, a hacking community linked to the North Korean regime.
Following today’s market action, the BNB Bridge exploiter account has been restored as promised. @BNBCHAIN use whitelisted purge without any defect or further effect billion $ https://t.co/TGZ7nbiDPN
– Venus Protocol (@VenusProtocol) 18 August 2023
According to Coinglass, more than $1 billion in cryptocurrency positions were liquidated within 24 hours as a jump in global bond yields shattered weeks of calm in digital assets, upsetting bitcoin and other tokens.
The BNB operator is no exception, thanks to the so-called smart contracts that manage decentralized financing protocols like Venus. As soon as BNB fell below $220, the three collateral positions associated with the wallet were automatically liquidated. BNB was trading at around $219 at 10:08 p.m. in London on Friday.
The hacker borrowed a total of $147.5 million in stablecoins such as USDT, USDC and BUSD, collateralizing 900,000 BNB (worth about $197 million at Friday’s market price) from the October heist, PeckShield told Bloomberg News via Telegram.
Source: Port Altele
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