🏄♀️BNB Surfin' On FUD Waves
GM Readers!📪 It's BitDegree Insider, and let’s let the light in.
👌Selected Meme of The Day
It’s Wednesday. It’s the day we pop that Web3 bubble wrap. Let’s see the bubbles, and the reasons behind their price movements.
Poetically enough, Optimism’s OP is the only one that shows optimism. And, interestingly enough, there are no particular factors impacting nearly the only green performance. Overall OP most likely is feeling fine thanks to the fact; that the booming Base is built using OP stack.
Following the latest recalculation on August 22, Bitcoin's mining difficulty has surged by 6.17%, setting a new historical high. Yet, at the same time, Bitcoin's performance is in the red. It just goes to show that a single factor doesn't necessarily drive the market up or down.
On another note, an analytical firm has shared an intriguing fact: Amid the current liquidity crisis, it only takes a mere 463 Bitcoin to nudge Bitcoin's value down by 1%.
So, who's up for pooling resources and playing 'Armchair Market Maker'? It's practically a bargain!
Binance is facing a new wave of FUD (Fear, Uncertainty, Doubt). First, they're grappling with Coinbase's success on their Layer-2 solutions. Second, they're under increased scrutiny from both regulators and the media. There's even talk that Binance is selling its own Bitcoin to prop up BNB.
So, while FUDsters are getting loud online, and the crypto Twitter, a.k.a. crypto X (will never get used to this…), is buzzing from speculations and warnings about potential unpleasant future scenarios, Binance doesn’t seem to be too fazed by it all, and chooses to turn on the zen mode.
These factors are causing trouble for their token, but the specifics are less clear. What we do have, however, is a far more intriguing story to share today.
BNB to USD chart. 1 month overview
It turns out that a hacker associated with the BSC Token Hub breach, which occurred in the fall of 2022, has lost millions of dollars! According to data from PeckShield, the attacker targeting the BNB Chain lost over $53 million as his position was liquidated on the DeFi lending platform Venus.
The hacker had initially gained access to the funds in October 2022, following the BNB Chain exploit. To rectify the exploit through which the attacker siphoned off the funds, Binance had to go as far as initiating a hard fork named 'Moran.'
The exploit enabled the hacker to gain access to 2 million BNB tokens, valued at $560 million at the time of the exploit. However, he was only able to withdraw $100 million. It's speculated that he used the stolen assets to take out a loan in USDT.
While many details remain hidden, the why and how are partly obscure because hackers also try to launder the money in chunks, rather than moving large amounts that are easy to trace.
The BNB Chain hacker found himself in hot water when the price of BNB fell below $210. Positions associated with the hacker's wallet were automatically liquidated, and no preventive measures had been taken. The hacker got BNB chained.
The asset has since recovered and is trading at $216, but someone will never see “their” funds again. And by “someone,” we mean the hacker, and by “their funds,” we mean “stolen funds.”
TL;DR: OP is performing well with optimism in the green, likely due to its strong foundational structure using the OP stack, despite other factors not impacting it significantly. Bitcoin's mining difficulty has risen, yet its market performance remains negative, showcasing the complexity of market influences. Binance faces challenges from Coinbase's success, regulatory scrutiny, and media attention, possibly affecting BNB's value, while a hacker involved in the BNB Chain breach lost millions due to a liquidation on the DeFi platform Venus.
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