After a market crash takes place in one of the wallets linked with the BNB smart chain, three positions have been recorded to have undergone liquidation shortly after the value of BNB dropped beyond 220$. Get the full details in the story below.
The BNB Smartchain Hack
In October year, the BNB Smart Chain had its cross-chain bridge suspended after it was hacked and the attackers managed to get away with more than 2 million BNB coins. The value of these tokens is speculated to have been around 568 million dollars at the time.
On August 18th 2023, more than 53 million dollars have been liquidated on the Venus Protocol. Venus Protocol is a crypto lending platform. The money was meant to serve as collateral for a loan the hacker had taken for 30 million Tether (USDT) and was linked to the BNB smart chain.
Also Read: Coinbase Will Be Stopping USDT Trades In Canada From 31st August
Market capitalization went down by 6% and this affected the crypto markets significantly leading to the drop of the BNB token below the 220$ level.
The Impact Of The Decreased Market Capitalization On Other Crypto Tokens
Bitcoin has witnessed a major drop as its price went below 27000$. The token is however slowly recovering although the support levels being met are not promising any significant profits.
The Ether token has been hit pretty hard as well with the value going below 1700$. An Ethereum Whale has been spotted by Lookonchain after selling Ether that amounts to up to 41 Million Dollars. According to sources, this helped the whale avoid a possible loss of 5 million dollars.
The decreased market capitalization value was 1.1 Billion. Investors are actively anticipating recovery as they struggle to make the most of the market.