According to Coinglass, the crypto market witnessed more than $1.04 billion in liquidations during this period. Of this, a BNB position on the Venus lending protocol belonging to the perpetrator of the BSC bridge $560M hack was liquidated. The BSC Bridge Hack: Understanding One of Crypto’s Biggest Exploits The BSC brdige hack in October 2022 was one of the biggest exploits in crypto and DeFi history, with the hacker stealing nearly $593 million in BNB. But the story didn’t end there as the hacker tried to launder as much money as they could. Related Reading: Shibarium Launch Saga: Block Production Resumes Despite Stuck ETH After the attack, the hacker deposited 900,000 BNB worth $200 million on Venus as collateral to borrow $150 million worth of stablecoins. With more than $598.25 million in TVL, the Venus protocol is the second-largest DeFi protocol on the Binance Smart Chain. According to DeFi researcher Ignas, the position was the “single largest potential liquidation in all #DeFi that cannot be closed.” This is because, while the BNB Chain was halted and the network upgrade after the exploi ..
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