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.
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.
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.
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