The perpetrator who hacked into Binance’s internal cross-chain bridge last year and looted $570 million worth of Binance Coin (BNB) has just liquidated some of their stolen funds.
In October, the hacker in question abused BSC Token Hub, the cross-chain bridge between the BNB Beacon Chain (BEP2) and the BNB Smart Chain (BSC).
The bad actor then initiated the transfer of approx 2 million BNB worth about $570 million at the time registered 920,000 BNB worth $255.89 in Venus decentralized finance (DeFi) lending protocol to use as collateral.
Amid concerns that the BNB ecosystem would witness a cascading sell-off if the hacker’s position was liquidated on-chain, the Venus community voted in favor of a governance proposal that would allow BNB Chain’s core team to manually update the position. to liquidate.
Say Venus on the proposal,
“In November 2022, BNB Chain submitted a board proposal that was adopted by the community to whitelist the liquidation of the position of the BNB Bridge operator exclusively to the core team of BNB Chain with the aim of securing the embezzled assets and prevent further impact and sell-out. of liquidation.”
On August 18, the price of BNB fell to a low of $213.96. manual liquidation of the attacker’s position to the tune of $52.3 millionaccording to blockchain security company PeckShield.
“Following today’s market movement, the BNB Bridge operating account was made healthy as promised by BNB Chain using whitelist liquidation without any resulting shortfall or further impact to BNB.”
At the time of writing, BNB is worth $216.69.
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