{"id":505339,"date":"2022-10-07T17:00:35","date_gmt":"2022-10-07T17:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=505339"},"modified":"2024-06-11T13:17:33","modified_gmt":"2024-06-11T13:17:33","slug":"binance-hacker-put-millions-of-new-bnb-in-circulation-what-does-this-mean-for-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-hacker-put-millions-of-new-bnb-in-circulation-what-does-this-mean-for-price\/","title":{"rendered":"Binance Hacker Put Millions Of New BNB In Circulation, What Does This Mean For Price?"},"content":{"rendered":"

In the early hours of Friday, news broke that a hacker had been able to successfully exploit the BNB Chain. However, unlike decentralized finance (DeFi) hacks that have become prominent in the crypto market, the hacker did not steal user funds. They had actually brought new BNB coins into circulation, in what would be one of the largest hacks recorded in crypto so far.<\/p>\n

Hack Puts New BNB In Circulation<\/h2>\n

The hack had happened directly on the Binance bridge, where the attacker had been able to somehow convince the bridge to send them millions of new tokens. The attack happened in two waves, each transaction carrying 1 million new BNB. This resulted in over $500 million worth of coins being sent into circulation.<\/p>\n

Related Reading: Wash Trading Dominates Bitcoin Volume, What Does This Mean For Price?<\/a><\/strong><\/em><\/div>\n

The BSC Chain had been quickly paused by the team before more damage could be done and some of the coins gotten by the attacker were reportedly frozen, leaving the hacker with about $100 million in their stolen loot.<\/p>\n

\"Binance<\/p>\n

Binance Coin dips following hack | Source: BNBUSD on TradingView.com<\/a><\/pre>\n
However, the damage had already been done and the BNB price had tanked following the news. Now, as the network continues to handle the aftermath of what could have been a devastating hack, speculations have now turned towards what the hack could mean for the value of BNB, at least in the short term.<\/p>\n
Will This Affect Price?<\/h2>\n
The price of any asset is affected by the available supply and if a large amount of supply is put into circulation at once, it can obviously have an impact on the price of that asset. However, in the case of BNB, the exploit had been stopped at the right moment, it seems, and the amount the attacker had made off with had not been enough to have any significant impact on the price of BNB.<\/p>\n
Related Reading: Brace For Impact: This Expert Trader Says Cardano (ADA) Will See A 50% Decline<\/a><\/strong><\/em><\/div>\n
The major concern regarding price now springs up from the trust level in the network. As has been the case in the past, hacks have usually seen a drastic decline in investor trust, leading them to pull out their funds but that has not been the case with BNB. In Binance\u2019s case, it had brought up questions about how truly \u201cdecentralized\u201d the blockchain is if it can be paused due to a hack.<\/p>\n
Besides a slight dip in the price of the digital asset since the hack was made public, BNB looks to be holding up well. It still maintains its value above $280 at the time of this writing. Additionally, BNB is backed by the largest crypto exchange in the world that holds quarterly burns and the 21st burn is expected to happen sometime this month. So the impact on the price will likely not be significant in any way.<\/p>\n
Featured image from Freepik, chart from TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
In the early hours of Friday, news broke that a hacker had been able to successfully exploit the BNB Chain. However, unlike decentralized finance (DeFi) hacks that have become prominent in the crypto market, the hacker did not steal user funds. They had actually brought new BNB coins into circulation, in what would be one of the largest hacks recorded in crypto so far. Hack Puts New BNB In Circulation The hack had happened directly on the Binance bridge, where the attacker had been able to somehow convince the bridge to send them millions of new tokens. The attack happened in two waves, each transaction carrying 1 million new BNB. This resulted in over $500 million worth of coins being sent into circulation. Related Reading: Wash Trading Dominates Bitcoin Volume, What Does This Mean For Price? The BSC Chain had been quickly paused by the team before more damage could be done and some of the coins gotten by the attacker were reportedly frozen, leaving the hacker with about $100 million in their stolen loot. Binance Coin dips following hack | Source: BNBUSD on TradingView.com However, the damage had already been done and the BNB price had tanked following the news. Now, as the network continues to handle the aftermath of what could have been a devastating hack, speculations have now turned towards what the hack could mean for the value of BNB, at least in the short term. Will This Affect Price? The price of any asset is affected by the available supply and if a large amount of supply is put into circulation at once, it can obviously have an impact on the price of that asset. However, in the case of BNB, the exploit had been stopped at the right moment, it seems, and the amount the attacker had made off with had not been enough to have any significant impact on the price of BNB. Related Reading: Brace For Impact: This Expert Trader Says Cardano (ADA) Will See A 50% Decline The major concern regarding price now springs up from the trust level in the network. As has been the case in the past, hacks have usually seen a drastic decline in investor trust, leading them to pull out their funds but that has not been the case with BNB. In Binance\u2019s case, it had brought up questions about how truly \u201cdecentralized\u201d the blockchain is if it can be paused due to a hack. Besides a slight dip in the price of the digital asset since the hack was made public, BNB looks to be holding up well. It still maintains its value above $280 at the time of this writing. Additionally, BNB is backed by the largest crypto exchange in the world that holds quarterly burns and the 21st burn is expected to happen sometime this month. So the impact on the price will likely not be significant in any way. Featured image from Freepik, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":505340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,87135,13291,14904,11427,86483],"class_list":["post-505339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-binance-bridge-hack","tag-binance-coin","tag-binance-hack","tag-bnb","tag-bnb-price"],"acf":[],"yoast_head":"\nBinance Hacker Put Millions Of New BNB In Circulation, What Does This Mean For Price?<\/title>\n<meta name=\"description\" content=\"In the early hours of Friday, news broke that a hacker had been able to successfully exploit the BNB Chain. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Binance Hacker Put Millions Of New BNB In Circulation, What Does This Mean For Price?","url":"http:\/\/wncen.com\/news\/binance-hacker-put-millions-of-new-bnb-in-circulation-what-does-this-mean-for-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/binance-hacker-put-millions-of-new-bnb-in-circulation-what-does-this-mean-for-price\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BNB-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BNB-1.jpeg?fit=2000%2C1125"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","binance bridge hack","binance coin","binance hack","bnb","bnb price"],"dateCreated":"2022-10-07T17:00:35Z","datePublished":"2022-10-07T17:00:35Z","dateModified":"2024-06-11T13:17:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Binance Hacker Put Millions Of New BNB In Circulation, What Does This Mean For Price?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-hacker-put-millions-of-new-bnb-in-circulation-what-does-this-mean-for-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-hacker-put-millions-of-new-bnb-in-circulation-what-does-this-mean-for-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/BNB-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/BNB-1.jpeg?fit=2000%2C1125\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"binance bridge hack\",\"binance coin\",\"binance hack\",\"bnb\",\"bnb price\"],\"dateCreated\":\"2022-10-07T17:00:35Z\",\"datePublished\":\"2022-10-07T17:00:35Z\",\"dateModified\":\"2024-06-11T13:17:33Z\"}<\/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\/2022\/10\/BNB-1.jpeg?fit=2000%2C1125","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/505339"}],"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\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=505339"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/505339\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/505340"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=505339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=505339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=505339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}