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Venus Protocol eliminated the positions of the wallet that is associated with the hacking of the BSC Token Hub bridge.
The decentralized lending platform Venus Protocol has liquidated positions in the wallet associated with the hacking of the BSC Token Hub bridge. According to The Block, the hacker who attacked the BNB Chain lost more than $53 million.
Last week, the price of BNB fell below the $210 mark, which led to the elimination of the attacker's position in the amount of $52.3 million. The BNB Chain team was responsible for closing the position, choosing a manual liquidation method to reduce the impact of margin requirements on the network. The lack of liquidity could lead to a destabilization of the BNB price and pose a risk to the entire crypto industry.
"Following today's market movement, the BNB Bridge attacker's account has been restored, as promised by BNB Chain, via a white list of liquidations without any loss or further impact on BNB," the protocol clarified in a statement.
In October last year, a hacker used the BSC Token Hub bridge connecting the BEP2 network and Binance Smart Chain (BSC). The attacker transferred about 2 million Binance Coin (BNB) for a total amount of about $570 million.
The hacker then invested 920,000 BNB in the decentralized financial lending protocol Venus and used this asset as collateral to obtain a loan in USDT worth $150 million.
The decentralized lending platform Venus Protocol has liquidated positions in the wallet associated with the hacking of the BSC Token Hub bridge. According to The Block, the hacker who attacked the BNB Chain lost more than $53 million.
Last week, the price of BNB fell below the $210 mark, which led to the elimination of the attacker's position in the amount of $52.3 million. The BNB Chain team was responsible for closing the position, choosing a manual liquidation method to reduce the impact of margin requirements on the network. The lack of liquidity could lead to a destabilization of the BNB price and pose a risk to the entire crypto industry.
"Following today's market movement, the BNB Bridge attacker's account has been restored, as promised by BNB Chain, via a white list of liquidations without any loss or further impact on BNB," the protocol clarified in a statement.
In October last year, a hacker used the BSC Token Hub bridge connecting the BEP2 network and Binance Smart Chain (BSC). The attacker transferred about 2 million Binance Coin (BNB) for a total amount of about $570 million.
The hacker then invested 920,000 BNB in the decentralized financial lending protocol Venus and used this asset as collateral to obtain a loan in USDT worth $150 million.
