BUSD

In a significant development involving the Binance (BNB) Bridge exploit, the individual responsible for the exploit, who allegedly stole approximately 2 million BNB ($600 million), has been facing possible liquidation. The exploiter has deposited 924,821 BNB ($249 million) on Venus Protocol.The incident was highlighted by the blockchain analytics platform Lookonchain, tweeting:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e03bac60504649778d0a6ac494d9c72b.png" />The health rate of the deposit currently stands at $1.23. It has been speculated that if the price of BNB drops to $220, the deposit would be liquidated​​. The health rate, often used in decentralized finance (DeFi), measures the safety of a loan.A lower rate indicates a higher risk of liquidation. Liquidation is a process where the collateral is sold off to repay a loan when a borrower&#39;s position becomes too risky. This process is often automated in DeFi protocols like Venus Protocol to protect lenders.Lookonchain expressed hope that the exploiter would see the potential risk and either repay the loan or add more to the deposit to avoid liquidation. If liquidation happens, it could potentially provide some recourse for those affected by the exploit.Read full article at <a href="https://cryptotale.org/600-million-bnb-bridge-exploit-unfolds-perpetrator-faces-liquidation/" rel="noopener noreferrer nofollow">CryptoTale.</a>

$600 Million BNB Bridge Exploit Unfolds: Perpetrator Faces Liquidation

CryptoTale

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