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NewsBTC 2022-10-07 17:00:35

Binance Hacker Put Millions Of New BNB In Circulation, What Does This Mean For Price?

Binance Hacker Put Millions Of New BNB In Circulation, What Does This Mean For Price?

In the early hours of Friday, news broke that a hacker had been able to successfully exploit the BNB Chain. However, unlike decentralized finance (DeFi) hacks that have become prominent in the crypto market, the hacker did not steal user funds. They had actually brought new BNB coins into circulation, in what would be one of the largest hacks recorded in crypto so far. Hack Puts New BNB In Circulation The hack had happened directly on the Binance bridge, where the attacker had been able to somehow convince the bridge to send them millions of new tokens. The attack happened in two waves, each transaction carrying 1 million new BNB. This resulted in over $500 million worth of coins being sent into circulation. Related Reading: Wash Trading Dominates Bitcoin Volume, What Does This Mean For Price? The BSC Chain had been quickly paused by the team before more damage could be done and some of the coins gotten by the attacker were reportedly frozen, leaving the hacker with about $100 million in their stolen loot. Binance Coin dips following hack | Source: BNBUSD on TradingView.com However, the damage had already been done and the BNB price had tanked following the news. Now, as the network continues to handle the aftermath of what could have been a devastating hack, speculations have now turned towards what the hack could mean for the value of BNB, at least in the short term. Will This Affect Price? The price of any asset is aff...

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