December 5, 2022

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On October 7, 2022, Binance – the world’s leading assets platform, was hacked. Hackers attacked the bridge between the blockchains and stole a cryptocurrency (Binance Coin) valued at $544 million, but they were able to withdraw only $100 million. 

The BNB Chain Team announced about the voting, which will be done to decide the funds, which were blocked in hackers’ account. The amount of the cryptocurrency, which is suspended in the network is $432 million.

The founder and CEO of that platform – Zhao Changpeng, twitted about the cybercrime on October 7th. Lately, that day, he also mentioned, that the issue was already contained. Users’ funds were safe. And also said, that they apologize for the situation and they’ll provide future updates. 

The issue was contained, but the hacker attack left its consequences and had an extensive impact on cryptocurrencies and their prices (not only Binance Coin).

The Impact of The Attack

Binance is one of the most important and influencing assets platform nowadays. The fact, that the temporary “crash” of that huge and influencing platform can affect very negatively on the cryptocurrencies is quite obvious and logical.

After the crack of BSC Token Hub bridge, the price of Binance coin descended fastly. It descended from 293 US dollars to 278 US dollars. After it, the price didn’t reach the same level, which was before the hack. It only increased to 283 US dollars. Consequently, for the last days it went down in value for 3,7%, which is too much  for just one day.

Bitcoin’s price went down

The currecncy of Bitcoin, also, has decreased. The main reason of it are the stastics about the unemployment level for September, in United States. The price of that cryptocurrency decreased by 450 US dollars for just one hour, which is enormous change for the shot part of time.

The price of well-known cryptocurrency – Bitcoin, descended from 20,000 US dollars to 19,550 US dollars. The daily decrease of the price accounted for 3%. Lately, that day (October 7), the price reached 19,600 US dollars and is being stabile for on following days.


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