Binance Drops This BNB Token Data After Major BSC Hack

Binance, the world’s largest crypto exchange has dropped a major report just after the major BSC hack that occurred earlier this week. The Binance linked blockchain got hit by a $570 million hack giving another jolt to the crypto market.

BNB token burn

Binance released its 21st quarterly BNB token report just after the major hack. In the auto burn procedure, around 2.065 million BNB tokens have been sent to a dead wallet this quarter. The approx value of burned tokens amounts to $574.9 million.

The 21st quarterly burn has been calculated to be higher than the 20th burn of around 1.96 million BNB back in July. It mentioned that the latest quarterly burn includes 4,833.25 BNB which was sent to the dead wallet by another burn Program.

On the market side, the BNB token price has dropped by 4% in the last 24 hours. BNB token is trading at an average price of $259.74, at the press time. However, its 24 hour trading volume is up by 56% to stand at around $896.2 million.

What after major hack?

However, this update has come just after Binance’s blockchain was hit by a hack. CZ, Binance CEO informed that the tokens were stolen from a blockchain ‘bridge’ used in the chain. It is being reported that a total of 2 million of the BNB tokens worth around $570 million were stolen by hackers.

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As per reports, most of the BNB remained in the hacker’s wallet address. However, around $100 million worth can into discovery. The BNB tokens are supported by the BSC.

BNB token which recently became the target of hackers is the fifth biggest cryptocurrency. It holds a market cap of around $42 billion. While it has a circulation of 161.33 million.

Earlier, Coingape reported that Binance is extending its support for Terra Classic. The crypto platform added TerraClassicUSD (USTC) as a borrowable asset in the Binance Loan service.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
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