BNB Hacker Embezzles $600 Million Liquid, Highlighting Criticality

BNB Coin
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As the price plummets, the funds of the hacker who illicitly acquired 1 million BNB tokens last year now face a perilous risk of liquidation

The perpetrator behind the theft of approximately 2 million BNB altcoins, valued at around $600 million, from the Binance Smart Chain Bridge in October 2022, now faces the looming threat of losing a significant portion of their ill-gotten gains.

Nevertheless, with a mere health factor of 1.23, the hacker’s account remains highly vulnerable, as any dip in the BNB price below $220 would trigger the protocol to liquidate their collateral. The sold assets would be offered to other users at a discounted rate.

Also Read This Related: Hong Kong’s First Digital Launches Stablecoin with Assistance from BNB Chain

As of the current writing, BNB is being traded at $259, reflecting a decline of 7% within the past 24 hours.

A one-minute candlestick chart showing the recent drop in BNB price.

In order to evade liquidation, the hacker faces two alternatives: repaying the loan or augmenting the deposited amount. Nevertheless, both options present formidable challenges, as the individual is susceptible to pursuit by security forces and other hackers who seek to seize the bounty on their head.

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Occurring on October 7, 2022, the hack event etched its name in history as one of the most significant cryptocurrency theft incidents. In its aftermath, the Binance Smart Chain (BSC) network was compelled to undergo a temporary suspension.

Also Read This Related: BNB Chain retain position as most active network

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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