The wallet linked to the BSC Token Hub bridge hack faced the liquidation of three positions on the Venus Protocol platform. This followed BNB’s price dropping below $220, with the attacker’s losses amounting to 5.64 million vBNB (~$53.2 million).
The funds were sent to the wallet after the October 2022 incident. It involved digital assets worth more than $544 million. The hacker had managed to withdraw only $100 million.
The aforementioned vBNB were used by the attacker to secure a loan of 30 million USDT.
On 18 August, the market capitalisation of cryptocurrencies fell by 6.5% to $1.1 trillion. The price of BNB over the last 24 hours fell 5%, to $217.7.
Analysts linked the deterioration in market conditions to SpaceX, Elon Musk’s company, selling some or all of its bitcoins for $373 million. They also cited the recent rise in government bond yields and concerns about the sustainability of the Chinese real estate market.