Cryptocurrency exchange Binance suffered losses of several million dollars worth of crypto as a result of a major hack. Moreover, Binance Coin (BNB) also crashed. The asset fell by over 3.5% after the news broke. Then BNB dropped even lower.
The news of another hack on the trading floor came in early October. Binance’s management reported that hackers had stolen over $500 million worth of crypto. They managed to promptly withdraw nearly $110 million. BNB, which powers the Binance Chain ecosystem, first reacted to this shocking news. First, it sank by 3.5% to $283.9. Then the asset declined more significantly. Currently, it is trading near $274 per coin.
Binance was hacked on October 6. The crypto exchange incurred losses of more than $500 million. The hackers took from $100 to $110 million. Moreover, the platform resumed its operation only the next day. At the same time, other cryptocurrencies reacted insignificantly to the hack. Bitcoin dropped following BNB. It fell by 0.8% to $19,900 in 24 hours. Ethereum declined by 0.4% to $1,350. Cardano was down 0.7% to $0.42. However, the overall outcome was positive for Binance Coin. In most cases, such attacks cause both collapse of digital currencies and their full depreciation. For example, at the end of July 2022, Solana-based stablecoin NIRV and its associated ANA token depreciated almost to zero after a hack.
