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HomeFinance NewsBNB Chain Protocol Manually Liquidates Hacker Responsible for $570,000,000 Exploit, Collecting $52,300,000

BNB Chain Protocol Manually Liquidates Hacker Responsible for $570,000,000 Exploit, Collecting $52,300,000

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The hacker who stole $570 million worth of Binance Coin (BNB) by exploiting Binance’s internal cross-chain bridge last year has had some of their stolen funds liquidated. In October, the hacker used the BSC Token Hub to transfer about 2 million BNB, worth roughly $570 million at the time, and deposited 920,000 BNB worth $255.89 into the decentralized finance (DeFi) lending protocol Venus. There were concerns that liquidating the hacker’s position on-chain would cause a sell-off event in the BNB ecosystem. To prevent this, the Venus community voted in favor of a governance proposal allowing the BNB Chain core team to manually liquidate the position. On August 18th, the attacker’s position was manually liquidated when the price of BNB dropped to $213.96, totaling $52.3 million.

At the time of writing, BNB is valued at $216.69.

Note: This rephrased version of the article has been summarized to three paragraphs and may not include all the details present in the original article.

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