Token

Venus

Coin

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/crypto-news-hacker-linked-to-massive-bnb-theft-gets-rekt-in-60m-liquidation/">Crypto News : Hacker Linked to Massive BNB Theft Gets REKT in $60M Liquidation</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Amid this week’s broad cryptocurrency selloff, an alleged hacker linked to one of the largest DeFi exploits was swept up in liquidations totaling over $60 million.</p> 
<p>According to an analysis by blockchain forensics firm PeckShield, a crypto wallet associated with the theft of nearly 600 million Binance Coin (BNB) in October 2021 saw collateral worth $63 million automatically liquidated on the Venus Protocol lending platform.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> <a href="https://twitter.com/hashtag/BNBBridge?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BNBBridge</a> Exploiter has been liquidated ~5.6M <a href="https://twitter.com/search?q=%24vBNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$vBNB</a> (worth ~$52.3M) <a href="https://t.co/pDzlhOK3mE" rel="noopener noreferrer nofollow">https://t.co/pDzlhOK3mE</a> <a href="https://t.co/IaGlXCvzy8" rel="noopener noreferrer nofollow">pic.twitter.com/IaGlXCvzy8</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1692401690526556516?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 18, 2023</a> 
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<p>The party behind the brazen BNB hack, which targeted the BSC Token Hub cross-chain bridge, has evaded identification thus far. The North Korea-affiliated Lazarus Group was tied to similar past exploits.</p> 
<h2 id="crypto-hacker-caught-in-market-slump" data-name="crypto-hacker-caught-in-market-slump" class="wp-block-heading">Crypto Hacker Caught in Market Slump</h2> 
<p>Whoever the culprit is, blockchain data reveals their devious tactics to extract maximum gain from the stolen funds. The hacker leveraged 900,000 stolen BNB, worth about $197 million, as collateral to borrow $147.5 million in stablecoins on Venus.</p> 
<p>Yet the pseudonymous profiteer soon fell victim to the savage crypto downturn. As BNB dropped below $220 amid market mayhem, the hacker’s overexposed collateral positions were systematically wiped out.</p> 
<p>The episode underscores the high-risk, high-reward nature of crypto lending protocols. While smart contracts automate processes like lending and liquidations, extreme volatility can rapidly erase overleveraged bets.</p> 
<p>For DeFi users lured by the potential gains of leverage, such liquidation cascades underline the need for caution. Had the hacker maintained a lower collateral ratio, the mass liquidations may have been averted.</p> 
<p>For criminals attempting brazen crypto heists, the event also offers a lesson. The transparency of blockchains provides little cover from the ruthless math of markets and smart contract logic.</p>

Crypto News : Hacker Linked to Massive BNB Theft Gets REKT in $60M Liquidation

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