The Hacker Behind $570 Million Exploit Gets Liquidated for $52.3 Million
The hacker who stole $570 million worth of Binance Coin (BNB) from Binance’s internal cross-chain bridge had some of their stolen funds liquidated. Here are the key points:
- In October, the hacker exploited the BSC Token Hub, the cross-chain bridge between the BNB Beacon Chain and the BNB Smart Chain.
- The hacker transferred about 2 million BNB worth $570 million at the time and deposited 920,000 BNB worth $255.89 into the DeFi lending protocol Venus.
- Concerned about a potential sell-off event, the Venus community voted to allow the BNB Chain core team to manually liquidate the hacker’s position.
- On August 18th, when the price of BNB dropped to $213.96, the hacker’s position was liquidated for $52.3 million.
- The liquidation was done without any shortfall or further impact to BNB.
In conclusion, the hacker responsible for the $570 million exploit on Binance’s cross-chain bridge has been liquidated for $52.3 million. This action was taken to secure the stolen assets and prevent a larger sell-off in the BNB ecosystem.
