Following a pullback in the cryptocurrency space, a crypto wallet linked to the BNB Smart Chain exploit that resulted in the theft of BNB tokens worth approximately $600 million had three of its positions liquidated after BNB’s price dropped below $220.
The cross-chain bridge of blockchain network BNB Smart Chain was suspended on October 6 due to an exploit that allowed hackers to steal 2 million BNB tokens, worth approximately $568 million at the time of the theft.
According to blockchain security firm PeckShield, a crypto wallet linked to the exploit had collateral worth more than $53 million liquidated on the crypto lending platform Venus Protocol on August 18. The perpetrator reportedly used the tokens as collateral for a 30 million Tether protocol loan.
According to coin information sources, the entire cryptocurrency market experienced a 6% decline on August 18, resulting in a market capitalization of $1,1 trillion. According to market data tracker CoinGlass, the event erased over $1 billion in crypto positions over the past 24 hours.
As the price of BNB fell below $220, the BNB Smart chain hackers were also affected. According to data from the blockchain, three positions associated with the wallet were automatically closed when the price dropped. BNB is currently trading at $218 per token.
While many endured losses due to the market’s sharp decline, some were able to limit the extent of their losses. A crypto whale sold 22,341 Ether worth approximately $41 million days before the collapse to avoid a potential loss of over $5 million. The crypto trader lost roughly $1.7 million on the transaction despite this.
