{"id":548096,"date":"2023-08-19T19:00:46","date_gmt":"2023-08-19T19:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=548096"},"modified":"2023-08-19T16:28:16","modified_gmt":"2023-08-19T16:28:16","slug":"200-million-bnb-bridge-exploiter-liquidated","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-coin\/200-million-bnb-bridge-exploiter-liquidated\/","title":{"rendered":"The $200 Million BNB Bridge Exploiter Just Got Liquidated On Venus"},"content":{"rendered":"

According to Coinglass, the crypto market witnessed more than $1.04 billion in liquidations during this period. Of this, a BNB position on the Venus lending protocol belonging to the perpetrator of the BSC bridge $560M hack was liquidated.<\/span><\/p>\n

The BSC Bridge Hack: Understanding One of Crypto’s Biggest Exploits<\/h2>\n

The BSC brdige hack in October 2022 was one of the biggest exploits in crypto and DeFi history, with the hacker stealing nearly $593 million in BNB. But the story didn\u2019t end there as the hacker tried to launder as much money as they could.\u00a0<\/span><\/p>\n

Related Reading: Shibarium Launch Saga: Block Production Resumes Despite Stuck ETH<\/a><\/div>\n

After the attack, the hacker deposited 900,000 BNB worth $200 million on Venus as collateral to borrow $150 million worth of stablecoins. With more than $598.25 million in TVL, the Venus protocol is the second-largest DeFi protocol on the Binance Smart Chain.\u00a0<\/span><\/p>\n

According to <\/span>DeFi researcher<\/span><\/a> Ignas, the position was the “single largest potential liquidation in all #DeFi that cannot be closed.” This is because, while the BNB Chain was halted and the network upgrade after the exploit, the ecosystem was put at risk, as liquidation of such an amount could lead to a further plummet in the price of BNB.\u00a0<\/span><\/p>\n

As a result, the Venus DAO voted to whitelist BNB Chain as the sole liquidator of the hacker’s address in case of a margin call. Notably, a drop in the price of BNB to $220 would see the hacker’s collateral liquidated.\u00a0<\/span><\/p>\n

Now, with the price of the token experiencing a selloff in the past few days, the team has chosen to manually liquidate the position to reduce the impact of a margin call on the BSC ecosystem.\u00a0<\/span><\/p>\n

On-chain data from PeckShieldAlert shows that the position has been liquidated for 5.6 million BNB tokens worth $52.3 million, a fraction of the total position.\u00a0<\/span><\/p>\n

\n

Following today\u2019s market movement, the BNB Bridge exploiter account was made healthy as promised by @BNBCHAIN<\/a> using whitelisted liquidation without any resulting shortfall or further impact to $bnb<\/a> https:\/\/t.co\/TGZ7nbiDPN<\/a><\/p>\n

\u2014 Venus Protocol (@VenusProtocol) August 18, 2023<\/a><\/p><\/blockquote>\n

What\u2019s Next For BNB?<\/h2>\n

Since that time, the price of BNB has dropped below $220. Now, the cryptocurrency is trading at $215.00, reflecting a drop of 10.76% in the past 7 days.\u00a0<\/span><\/p>\n

Related Reading: Valkyrie Taps Into Ethereum Momentum With New ETF Filing<\/a><\/div>\n

Although the token has had a tough time with its price in the past few months as the industry awaits the outcome of the SEC’s lawsuit against Binance.US, the toke still manages to stand strong than most would expect.\u00a0<\/span><\/p>\n

At this time, BNB has a market cap of $33 billion, making it the fourth-largest cryptocurrency.\u00a0<\/span><\/p>\n

\"BNB<\/p>\n

Token price falls below hacker's liquidation price | Source: BNBUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from Binance, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
According to Coinglass, the crypto market witnessed more than $1.04 billion in liquidations during this period. Of this, a BNB position on the Venus lending protocol belonging to the perpetrator of the BSC bridge $560M hack was liquidated. The BSC Bridge Hack: Understanding One of Crypto’s Biggest Exploits The BSC brdige hack in October 2022 was one of the biggest exploits in crypto and DeFi history, with the hacker stealing nearly $593 million in BNB. But the story didn\u2019t end there as the hacker tried to launder as much money as they could.\u00a0 Related Reading: Shibarium Launch Saga: Block Production Resumes Despite Stuck ETH After the attack, the hacker deposited 900,000 BNB worth $200 million on Venus as collateral to borrow $150 million worth of stablecoins. With more than $598.25 million in TVL, the Venus protocol is the second-largest DeFi protocol on the Binance Smart Chain.\u00a0 According to DeFi researcher Ignas, the position was the “single largest potential liquidation in all #DeFi that cannot be closed.” This is because, while the BNB Chain was halted and the network upgrade after the exploit, the ecosystem was put at risk, as liquidation of such an amount could lead to a further plummet in the price of BNB.\u00a0 As a result, the Venus DAO voted to whitelist BNB Chain as the sole liquidator of the hacker’s address in case of a margin call. Notably, a drop in the price of BNB to $220 would see the hacker’s collateral liquidated.\u00a0 Now, with the price of the token experiencing a selloff in the past few days, the team has chosen to manually liquidate the position to reduce the impact of a margin call on the BSC ecosystem.\u00a0 On-chain data from PeckShieldAlert shows that the position has been liquidated for 5.6 million BNB tokens worth $52.3 million, a fraction of the total position.\u00a0 Following today\u2019s market movement, the BNB Bridge exploiter account was made healthy as promised by @BNBCHAIN using whitelisted liquidation without any resulting shortfall or further impact to $bnb https:\/\/t.co\/TGZ7nbiDPN \u2014 Venus Protocol (@VenusProtocol) August 18, 2023 What\u2019s Next For BNB? Since that time, the price of BNB has dropped below $220. Now, the cryptocurrency is trading at $215.00, reflecting a drop of 10.76% in the past 7 days.\u00a0 Related Reading: Valkyrie Taps Into Ethereum Momentum With New ETF Filing Although the token has had a tough time with its price in the past few months as the industry awaits the outcome of the SEC’s lawsuit against Binance.US, the toke still manages to stand strong than most would expect.\u00a0 At this time, BNB has a market cap of $33 billion, making it the fourth-largest cryptocurrency.\u00a0 Token price falls below hacker’s liquidation price | Source: BNBUSDT on Tradingview.com Featured image from Binance, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":548099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[83421,11427,89162,86483,79524,51940],"class_list":["post-548096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-binance-smart-chain","tag-bnb","tag-bnb-liquidation","tag-bnb-price","tag-bnbusd","tag-venus"],"acf":[],"yoast_head":"\nThe $200 Million BNB Bridge Exploiter Just Got Liquidated On Venus<\/title>\n<meta name=\"description\" content=\"A BNB position on the Venus lending protocol belonging to the perpetrator of the BNB bridge $560M hack was liquidated.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"The $200 Million BNB Bridge Exploiter Just Got Liquidated On Venus","url":"http:\/\/wncen.com\/news\/binance-coin\/200-million-bnb-bridge-exploiter-liquidated\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/binance-coin\/200-million-bnb-bridge-exploiter-liquidated\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Binance-Coin-BNB.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Binance-Coin-BNB.png?fit=1600%2C900"},"articleSection":"Binance Coin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance smart chain","bnb","bnb liquidation","bnb price","bnbusd","venus"],"dateCreated":"2023-08-19T19:00:46Z","datePublished":"2023-08-19T19:00:46Z","dateModified":"2023-08-19T19:00:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"The $200 Million BNB Bridge Exploiter Just Got Liquidated On Venus\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-coin\\\/200-million-bnb-bridge-exploiter-liquidated\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-coin\\\/200-million-bnb-bridge-exploiter-liquidated\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Binance-Coin-BNB.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Binance-Coin-BNB.png?fit=1600%2C900\"},\"articleSection\":\"Binance Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance smart chain\",\"bnb\",\"bnb liquidation\",\"bnb price\",\"bnbusd\",\"venus\"],\"dateCreated\":\"2023-08-19T19:00:46Z\",\"datePublished\":\"2023-08-19T19:00:46Z\",\"dateModified\":\"2023-08-19T19:00:46Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Binance-Coin-BNB.png?fit=1600%2C900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548096"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=548096"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548099"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}