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News

$236 Million Of BNB Bridge Attacker Is Now On Brink Of Liquidation With 1.18 Health Rate

June 7, 2023 - Around 2 mins mins to read

Key Points:

  • BNB Bridge attacker with 1.18 health rate on Venus risks losing $236 million collateral if BNB falls to $219.76.
  • The attacker earned 2 million BNB tokens by exploiting a cross-chain bridge and staked 920,000 BNB on Venus to lend $150m in stablecoins.
  • Only BNBChain can liquidate the attacker’s position, but Venus VIP-79 says the actual liquidation may not occur immediately after being triggered.
BNB bridge attacker at risk as BNB value drops to $219.76, liquidating $236M collateral. Venus VIP-79 says only BNBChain can trigger liquidation.
$236 Million Of BNB Bridge Attacker Is Now On Brink Of Liquidation With 1.18 Health Rate

The current BNB Bridge attacker (0x48…9bec) has a health rate of 1.18 on Venus, and when BNB falls to $219.76, its 924,821.42 BNB collateral positions worth $236 million will be liquidated. In the past 24h, BNB fell by more than 6% to about $259.

The attack occurred in October 2022, when the hacker targeted the BNB Chain cross-chain bridge, earning 2 million BNB and staking 920,000 BNB on Venus to lend about $150m in stablecoins.

According to Binance’s BNB Chain blog, hackers drained 2 million BNB tokens from the network on October 6, which is about $518 million at current prices.

$236 Million Of BNB Bridge Attacker Is Now On Brink Of Liquidation With 1.18 Health Rate

CEO Changpeng Zhao had said the exploit was on a cross-chain bridge, BSC Token Hub, which created extra BNB tokens out of thin air. A cross-chain bridge lets users port their digital assets from one blockchain to another. The BSC Token Hub is a bridge between the BNB Beacon Chain (BEP2) and the BNB Chain (BEP20 or BSC).

However, according to Venus VIP-79, only BNBChain can liquidate the position of the hacker 0x489, and the actual liquidation may not necessarily occur after the liquidation is triggered.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

$236 Million Of BNB Bridge Attacker Is Now On Brink Of Liquidation With 1.18 Health Rate

Key Points:

  • BNB Bridge attacker with 1.18 health rate on Venus risks losing $236 million collateral if BNB falls to $219.76.
  • The attacker earned 2 million BNB tokens by exploiting a cross-chain bridge and staked 920,000 BNB on Venus to lend $150m in stablecoins.
  • Only BNBChain can liquidate the attacker’s position, but Venus VIP-79 says the actual liquidation may not occur immediately after being triggered.
BNB bridge attacker at risk as BNB value drops to $219.76, liquidating $236M collateral. Venus VIP-79 says only BNBChain can trigger liquidation.
$236 Million Of BNB Bridge Attacker Is Now On Brink Of Liquidation With 1.18 Health Rate

The current BNB Bridge attacker (0x48…9bec) has a health rate of 1.18 on Venus, and when BNB falls to $219.76, its 924,821.42 BNB collateral positions worth $236 million will be liquidated. In the past 24h, BNB fell by more than 6% to about $259.

The attack occurred in October 2022, when the hacker targeted the BNB Chain cross-chain bridge, earning 2 million BNB and staking 920,000 BNB on Venus to lend about $150m in stablecoins.

According to Binance’s BNB Chain blog, hackers drained 2 million BNB tokens from the network on October 6, which is about $518 million at current prices.

$236 Million Of BNB Bridge Attacker Is Now On Brink Of Liquidation With 1.18 Health Rate

CEO Changpeng Zhao had said the exploit was on a cross-chain bridge, BSC Token Hub, which created extra BNB tokens out of thin air. A cross-chain bridge lets users port their digital assets from one blockchain to another. The BSC Token Hub is a bridge between the BNB Beacon Chain (BEP2) and the BNB Chain (BEP20 or BSC).

However, according to Venus VIP-79, only BNBChain can liquidate the position of the hacker 0x489, and the actual liquidation may not necessarily occur after the liquidation is triggered.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News