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$570M Cryptocurrency Attack Targets Binance Connected Blockchain

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According to a representative of Binance, the world’s largest cryptocurrency exchange, a $570 million theft has affected the blockchain connected to the company. This is the latest in a series of attacks to hit the cryptocurrency industry this year.

In a tweet, Binance CEO Changpeng Zhao said that the tokens were taken from the blockchain “bridge” used in BNB Chain, formerly known as Binance Smart Chain until February. By using blockchain bridges, cryptocurrency can be transferred via other applications. According to researcher Chainalysis, thieves are increasingly focused on them, with nearly $2 billion stolen in 13 distinct hacks, largely this year.

According to Zhao’s post, the thieves stole nearly $100 million in cryptocurrency. Subsequently, according to a blog published by BNB Chain, the hacker withdrew a total of 2 million BNB coins, valued at approximately $570 million.

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According to an email from a Binance representative, most of the BNB remains in the hackers’ digital wallet address, with around $100 million left “unrefunded.” BNB Chain is backed by BNB, formerly known as Binance Coin, which, according to data provider CoinGecko, is the fifth largest cryptocurrency in the world with a market capitalization of over $45 billion.

According to Elliptic, a London-based researcher on crypto blockchain, the hacker generated 2 million new BNB tokens before transferring the majority of the funds to other cryptocurrencies including Tether and USD Coin. BNB Chain said it has paused its use of the blockchain before restarting it at 0630 GMT.

By contacting blockchain “verifiers,” organizations or people who confirm blockchain transactions, BNB Chain was “able to stop the problem from spreading,” according to a blog post. Without further explanation, she added, there are 44 auditors spread over several time zones.

In order to prevent future hacks, BNB Chain, which Binance describes as a “community-driven, open source, and decentralized ecosystem,” said it would add a new “governance mechanism” and increase the number of validators.

In one of the largest cryptocurrency heists ever, hackers stole more than $615 million from a blockchain bridge called Ronin Bridge in March. The United States attributed North Korean hackers to the theft, which was one of the largest ever.

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ETH/USD could reach the $1,200 support

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The Ethereum price prediction shows that ETH could be searching for a new low as the market price heads south.

Ethereum prediction stats data:

  • Ethereum price now – $1,229.55
  • Ethereum market cap – $150.7 billion
  • The circulating supply of Ethereum – 122.3 million
  • Total supply of Ethereum – 122.3 million
  • Ethereum Coinmarketcap Ranking – #2

ETH/USD market

Key levels:

Resistance levels: $1,700, $1,800, $1,900

Support Levels: $950, $850, $750

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Looking at the daily chart, ETH/USD It has been moving sideways for the past few days. Ethereum price is likely to create more bearish trends if it touches the $1,200 support. However, touching this support level could cause the second largest cryptocurrency to correct higher, but it is more likely to consolidate inside the channel before heading north.

Ethereum Price Prediction: What to Expect from Ethereum (ETH)

As can be seen from the daily chart, the Ethereum price It is likely to break below the daily low at $1,200 for more bearishness. Meanwhile, Ethereum price is currently hovering at $1229, in case it rises towards the lower boundary of the channel, the critical support levels at $950, $850, and $750 might be tested, and the technical indicator RSI (14) could remain below. 40 levels.

Conversely, ETH/USD could face the upper boundary of the channel or decline towards the $1,200 support. On the upside, the next major resistance is near the $1,500 level. But, the market price must reach the resistance levels at $1700, $1800, and $1900 to return to the positive zone. If not, there is a risk of more downsides down the channel.

When compared to Bitcoin, the daily chart shows that the price of Ethereum is between the 9-day and 21-day moving averages. If the price surpasses the 7500 SAT resistance level, then there is a possibility that additional benefits could be gained in the long run as the next resistance is near the 8000 SAT level. Therefore, if the price of the coin rises, it may break the potential resistance level of 9000 SAT and above.

ETHBTC – daily chart

Moreover, if the sellers bring the price below the 21-day moving average and head towards the lower boundary of the channel, the 7000 SAT support could be triggered before moving to the crucial support at 6000 SAT and below. The RSI (14) is moving to cross below the 50 level, which indicates a downward movement.

On that note, those who invest in Impact Token (IMPT) will be able to claim it from December 12, 2022. In order to do so, they will connect the wallets they used to initially purchase the tokens, and the token will be dropped into their wallets. Uniswap, LBank and Changelly Pro will also be listed IMPT To be traded, once the pre-sale has been completed. This environmentally friendly project is gaining momentum and nearly $15 million has been raised in the current IMPT pre-bid.

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Ankr posts $15 million to make users full as Helio stablecoin recovers after exploit

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Stablecoin Helio Protocol, which issues the HAY stablecoin pegged to the US dollar, He said In a Dec. 7 tweet, she said she had bought back $3 million worth of bad debt in HAY so far on the open market. The previous day, the blockchain infrastructure platform Ankr advertiser It will set aside $15 million to buy back bad debts generated from its recent exploitation and the resulting increase in HAY’s trading.

A series of seemingly unrelated incidents occurred on December 2 when a hacker tampered with vulnerabilities in Ankr’s smart contract code and compromised private keys following a technology upgrade. As a result, the hacker mined 20 trillion Ankr Reward Bearing Staked BNB (aBNBc), which was tied to BNB (BNB), and dumped them, with the aBNBc price dropping to less than $2 from about $300.

However, one trader then took advantage of the alleged hard-to-coding of pegged prices between aBNBc and BNB on the Helio protocol. The trader bought 183,885 aBNBc with just 10 BNB and used it as collateral to borrow 16 million HAY, which was then exchanged for 15.5 million USD (BUSD), Achieving a profit of 5,209 times from their original capital.

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After the exploit, HAY lost its peg and fell as low as $0.20 per coin before recouping most of its losses to trade at $0.96 at press time. Immediately after the incident, the Helio team stated that it would buy back the excess HAY and send it to the copy address. Originally, users were able to mint HAY by depositing BNB as collateral of 152%. The total value of the protocol was about $90 million before the accident.