The recent plunge in the cryptocurrency market affected numerous traders, including those implicated in the BNB Smart Chain hack. Blockchain data reveals that the individuals behind the BNB Smart Chain breach, which resulted in the theft of nearly $600 million in BNB tokens, experienced significant losses.
On October 6, an exploit caused the cross-chain bridge of the BNB Smart Chain to halt, letting hackers abscond with 2 million BNB tokens. The value of these tokens was approximately $568 million at the theft’s time.
Fast forward to August 18, a crypto wallet associated with this breach experienced a liquidation of its collateral valued over $53 million on the Venus Protocol, as per the blockchain security company PeckShield. It appears that the perpetrators had used the stolen tokens as collateral for a loan of 30 million Tether on the platform.
On that same day, the entire cryptocurrency market saw a decrease of 6%, shrinking the total market cap to $1.1 trillion, as reported by cryptocurrency data sources. CoinGlass, a market data tracker, mentioned that this downturn eradicated more than $1 billion in cryptocurrency positions within a day.
The value of BNB went down to less than $220, further affecting the BNB Smart Chain hackers. Blockchain evidence suggests that due to this decrease in value, three positions associated with the compromised wallet were automatically liquidated. Currently, BNB’s value stands at $218 per token.
The market’s sharp decline had varied consequences for different players. In a noteworthy move, a prominent crypto investor offloaded 22,341 Ether, valued at about $41 million, a few days prior to the downturn. This action potentially saved the investor from a decline of over $5 million in asset value. However, the investor still incurred a loss of approximately $1.7 million from the transaction.
