Binance Burns $500m Bnb Despite $100m Bridge Hack

In terms of USD value at the time of the event, this token burn was worth roughly $575 million. In a related development, Trend Micro revealed that a malicious actor dubbed Water Labbu targeted 45 crypto-based fraudulent websites operated by other criminals to divert victims’ funds to a wallet under their control. “BNB, which stands for ‘Build and Build’ , is the blockchain gas token that ‘fuels’ transactions on BNB Chain,” Binance noted earlier this February.

  • In the company’s case, it has made multiple changes, primarily because the original idea of burning certain percentages of the profits during that quarter was not fast enough.
  • A total of around $1.4 billion has been lost to breaches on cross-chain bridges since the start of 2022, according to data from blockchain analytics firm Chainalysis.
  • BNB Chain, it’s worth noting, is the largest smart contract network in terms of users and transaction volumes, although Ethereum’s $34 billion in total value locked dwarfs the $5.3 billion on BNB Chain.
  • Over the weekend, BNB Chain, a blockchain closely connected with crypto exchange Binance, was the latest victim in a hack that ultimately drained the ecosystem of $100 million in crypto.
  • Of the tokens burned, 4,833.25 (about $1M) BNB were burned through Binance’s Pioneer Burn Program.

At press time, Binance Coin traded at $409.56, which demonstrates a 4.64% increase on the day and a 1.6% gain compared to seven days ago. Based on the performance of its previous projections, the crypto community has historically anticipated the price of BNB with an accuracy rate of 83.06%. An earlier estimate from the company placed the total amount withdrawn in a range of $100 million to $110 million. The company also said it managed to freeze $7 million of funds with the help of its security partners.

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Cryptocurrency exchange Huobi Global, one of Asia’s largest token trading platforms, announced late Friday that it had agreed to be acquired by the M&A fund of Hong Kong-based investment firm About Capital Management. Binance was forced to halt the BNB chain to stop hackers from stealing more tokens, and FTX partnered with Visa payments to launch a Fiat debit card.

At the time of writing, the total value of the tokens burned was $563.8 million. In March, hackers stole around $615 million from a blockchain bridge called Ronin Bridge, in one of the largest crypto heists on record, ter linked by the United States to North Korean hackers. BNB Chain was “able to stop the incident from spreading” by contacting the blockchain’s “validators,” – entities or individuals who verify blockchain transactions, it said in its blog post.

Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. BNB Chain suspended its blockchain for several hours before resuming at around 0630 GMT, it said in a tweet.

In April 2018, Binance announced the rollout of Binance DEX on their blockchain and later in March launched its demo version which provided another boost to the BNB price. Besides, the April BNB burn also helped cryptocurrency to grow in price and achieve $14 per coin. For the next 4 months Forex the digital currency was traded between $11-14 and then in August dropped to $9 per coin. The world’s largest crypto exchange continues to burn BNB tokens as scheduled. This latest burn takes thetotalBNB destroyed to 38,996,924.79, approximately $10,092,316,766.94 at BNB’s current price.

Bnb Price Analysis

December 2017 was boom time for crypto which was felt by the whole cryptocurrency market and in December-January the coin jumped from $2 to $20. While the hack involved the withdrawal of two million BNB in two transactions, the suspension of the chain prevented the theft of nearly $430 million in crypto, blockchain security firm SlowMist said. In the latest wave of sanctions against Russia, European Union has banned Russian citizens from using any EU crypto trading platform. “The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet,” said the EU in a press release. About $400 million remains unaccounted for, with the hackers unable to move them off the BNB Smart Chain. On-chain governance methods will be used to decide whether the stolen funds will be frozen. Or if the remaining funds will be “covered” using the BNB auto-burn mechanism, the communitysaidin a blog post.

news about cryptocurrency BNB

Of the tokens burned, 4,833.25 (about $1M) BNB were burned through Binance’s Pioneer Burn Program. Binance announced this remedial mechanism in Sep. 2020 to help qualifying customers that may have lost BNB by sending them their lost tokens and burning the same amount in the next quarterly token burn. Binance’s $BNB burning mechanism is meant to help reduce the cryptocurrency’s supply from 200 million to 100 million over time. The mechanism has suffered numerous changes over time, in part to help accelerate burns after $BNB’s price surged. The crypto world has been watching how one of the world’s largest blockchains responds to a hack last week and the questions it raises about the state of decentralization in the industry.

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Due to the large trading volume of Binance and its effective strategy on the new asset, Binance Coin was fast to become a major part of the industry. BNB price is supported by the large number of businesses accepting the coin as a form of payment.

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BNB price has entered a symmetrical triangle formation, and the conflicting trends will decide the fate of the altcoin as it battles near $280. Bitcoin and altcoins appear to be ignoring the headline of the U.S. dollar index soaring to a 20-year high as the British pound plummets to a record-low against DXY. Markets corrected as U.S. jobs data reflected a stubbornly robust labor market, adding further confirmation to investors’ belief that the Federal Reserve will continue with its aggressive rate hikes. Bitcoin and most altcoins are likely to witness a pick in volatility following the CPI print on October 13. Specifically, the forecast price indicates a $14.55 or 3.55% increase from the decentralized finance asset’s current value of $409.44.

A hard fork is a change to a blockchain protocol that renders older versions invalid. It may be performed when a network makes fundamental changes to its mechanics or governance or, as in this case, as a means of fixing weaknesses that have resulted in hacks or exploits. Equities markets are witnessing aggressive selling due to increasingly bearish macroeconomic factors, and this is adding sell pressure to Bitcoin and altcoin prices. binance coin price Bitcoin and altcoins rallied ahead of the Fed’s rate hike decision, indicating that traders viewed the 0.75% rate hike as a “priced-in” event. Equities markets have extended their decline, but Bitcoin and select altcoins have not given up much ground, leading some traders to believe that the bottom is in. Binance permanently destroyed $547 million worth of BNB in its 21st quarterly burning event, but the markets remain steady.

While both continue to exist, ETC is much smaller than the mainnet, with a market capitalization of US$3.3 billion, as opposed to Ethereum’s US$158 billion, according to CoinMarketCap. While Ethereum is often cited as an example of a more decentralized network, it too has seen hard forks over the years. Narek Gevorgyan, founder and CEO of crypto portfolio manager CoinStats, told Forkast via email from an incident management perspective, the exploit was handled well, but it also highlighted weaknesses in the network. Binance introduced its token burn program for BNB in the last quarter of 2021.

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Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas. Validators on crypto platforms are becoming, out of necessity, more and more astute, said Patrick Hillmann, chief communications binance coin price officer at crypto exchange Binance. Bitcoin and select altcoins have dropped to critical support levels and the strength of the rebound lacks strength, increasing the risk of further downside.

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