๐Ÿ“‰ BNB hacker loses $53M on market drop

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Flooz

6 min read โ€ข Aug 21, 2023


Talking points

  • ๐Ÿง‘โ€๐Ÿ’ป North Korea hackers total $2B stolen

  • ๐Ÿ“‰ BNB hacker loses $53M on market drop

  • ๐Ÿ‘€ Bitcoin Ordinals dying?

๐Ÿ‘€ Quick market outlook

It finally happened... the market moved in a significant direction. Unfortunately for many, it wasn't thew direction they would have hoped for.

But where there is pain, there is opportunity. So as painful as this might be, it also allows for an opportunity to pick up some tokens as better prices before the eventual bull run.

Anyway... let's see what the market is likely to do next:

Pretty extensive and well detailed piece by Credible Crypto. If you didn't read it, here is a quick rundown:

  • As long as we stay above $24.8k, things are not heavy bearish.

  • A new ATH can be hit in 2023 for Bitcoin.

  • Things look positive for the future.

But as always, we never truly know what will happen next... so make sur to have a plan and stay safe!

๐Ÿง‘โ€๐Ÿ’ป North Korea hackers total $2B stolen

The shadowy realm of cryptocurrency-related hacking continues to be infiltrated by North Korean hackers, who have cunningly stolen an estimated $2 billion worth of digital assets over the last five years.

Offering a profound insight into the enigmatic domain of cryptocurrency cybercrime, blockchain intelligence firm TRM Labs has unveiled its latest meticulous scrutiny of the activities undertaken by North Korean cyber malefactors. The comprehensive analysis reveals that in the year 2023 alone, North Korea has managed to abscond with approximately $200 million in cryptocurrency, forming a substantial 20% chunk of the total pilfered funds this year.

When juxtaposed against the exploits of other malicious actors, North Korean cyber assaults stand out as being an astonishing tenfold more substantial. Remarkably, these hackers have fine-tuned their focus on the decentralized finance (DeFi) sphere, specifically targeting cross-chain bridges that remain integral conduits for a considerable volume of cryptocurrency transfers.

The brazen cross-chain breaches, exemplified by the Axie Infinity Ronin Bridge hack, stand as a glaring example. This single incident resulted in the misappropriation of a staggering $650 million worth of digital assets. Astonishingly, over the course of a mere year in 2022, North Korean hackers collectively plundered nearly $800 million through three distinct attacks.

The tactics employed by these cyber felons exhibit a broad spectrum, encompassing phishing attacks as well as supply chain infiltrations that compromise private keys and seed phrases.

Remarkably, TRM Labs highlights that North Korean hackers have grown increasingly industrious, adopting sophisticated on-chain laundering methodologies. Previously, ill-gotten cryptocurrency found its exit through cryptocurrency exchanges; however, this modus operandi has undergone a remarkable evolution, morphing into intricate "multi-stage money laundering processes."

The ever-evolving tactics of these hackers are in response to a relentless barrage of stringent sanctions imposed by the Office of Foreign Assets Control, coupled with resolute law enforcement operations and the augmentation of blockchain tracing tools. This dynamic shift is exemplified by North Korea's 2023 Atomic Wallet hack, an instance where TRM Labs dissects the obfuscation strategies wielded by hackers from this sanctioned state.

The incident, transpiring in June 2023, involved a calculated assault on noncustodial wallet provider Atomic Wallet. In this audacious attack, the hackers managed to pilfer a colossal $100 million in cryptocurrency from a staggering 4,100 addresses. TRM Labs theorizes that the breach likely exploited a phishing or supply chain vector.

The hackers executed a comprehensive sweep of user wallets across various prominent blockchains, including Ethereum, Tron, Bitcoin, , , Stellar, and Litecoin. The embezzled funds were then surreptitiously funneled into new wallets.

Intriguingly, the hackers orchestrated a sophisticated dance of exchanges, leveraging decentralized platforms to swap ERC-20 and TRC-20 tokens for

The acquired Ether then underwent a meticulous laundering process, involving a blend of automated algorithms, mixing services, and cross-chain swaps.

In the ongoing battle between cybercriminals and defenders of the digital realm, North Korean hackers stand out as audacious and adaptive adversaries. Their calculated attacks continue to be a plague within crypto but slowly and surely resolutions are being put in place.

๐Ÿ“‰ BNB hacker loses $53M on market drop

The recent upheaval in the cryptocurrency market has taken a toll on traders, with a significant market pullback leading to liquidations across the board. Amid this turmoil, new revelations about the notorious BNB Smart Chain exploit have come to light, shedding light on the massive theft of nearly $600 million worth of BNB tokens.

On October 6th, the cross-chain bridge operated by the blockchain network BNB Smart Chain was abruptly halted following a high-profile exploit. This exploit allowed hackers to pilfer an astonishing 2 million BNB tokens, valued at approximately $568 million during the time of the breach.

In a subsequent twist, on August 18th, a cryptocurrency wallet linked to this exploit faced its own reckoning. Blockchain security firm PeckShield reported that collateral amounting to more than $53 million was forcibly liquidated on the crypto lending platform Venus Protocol. Notably, the hacker had employed these tokens as collateral in securing a substantial 30 million USDT loan through the protocol.

Coincidentally, on the same fateful August 18th, the broader cryptocurrency market was hit by a 6% nosedive. This downturn resulted in the overall market capitalization plummeting to $1.1 trillion, as confirmed by various coin information sources. The repercussions were tangible, as over $1 billion in crypto positions evaporated within the span of 24 hours, a grim reality captured by market data tracker CoinGlass.

The aftershocks were not confined to the broader market alone. The price of , the token central to the BNB Smart Chain breach, staggered and dipped below the $220 threshold. Notably, blockchain data showcases the automated liquidation of three positions linked to the compromised wallet. The swift drop in the token's value was the catalyst...

Amidst the widespread losses incurred during this market tumble, there were pockets of resilience. A crypto whale, perhaps foreseeing the impending crash, had divested themselves of a substantial 22,341 Ether โ€“ an asset valued at around $41 million. This timely move mitigated potential losses amounting to over $5 million in value. However, even this prudent maneuver couldn't shield the trader from an eventual loss of roughly $1.7 million within the trade.

As the cryptocurrency landscape continues to navigate through bouts of volatility, the revelation of the BNB Smart Chain exploit serves as a stark reminder of the vulnerabilities inherent in the digital asset realm. The incident, coupled with the market's swift fluctuations, underscores the need for heightened vigilance and strategic decision-making in the ever-evolving crypto space.

๐Ÿ‘€ Bitcoin Ordinals dying?

Bitcoin Ordinals nonfungible token (NFT) realm is navigating through some serious turbulence. Hold onto your virtual hats as DappRadar brings us the thrilling tale of a jaw-dropping 98% plummet in user activity within this quirky NFT universe since the merry month of May.

The saga unfolds in an Aug. 17 report by DappRadar, where they unmask the shocking stats: Bitcoin Ordinals' once-thriving sales volume that soared to dazzling heights of $452 million back in May has taken a nosedive to a mere $3 million as of Aug. 14. Yes, you read that right โ€“ a cinematic plummet worthy of a summer blockbuster.

And as if that weren't enough, the transaction count decided to join the party, dropping a staggering 97% to a measly 20,571 over the same time span. It's like the rollercoaster you didn't ask for, flinging you through hairpin twists and stomach-churning drops.

Cue the ominous music, because DappRadar paints quite the picture... a gloomy scene for the Ordinals market. But before we dive into a pit of despair, let's pump the brakes. The report wisely suggests we might need more popcorn and a larger soda to truly decipher whether this is a "temporary hiccup" or the grand unraveling of Bitcoin-based NFTs.

"The sudden plummet in sales and transactions is like a bucket of cold water for Bitcoin Ordinals. The dwindling sales count sends a message โ€“ either folks are losing interest or they're playing a high-stakes game of hide and seek with their confidence in Bitcoin NFTs," the report dramatically states, setting the stage for a showdown between market dynamics and NFT resilience.

While a swaying sales volume can be attributed to the wild world of market forces, a continuous descent in transaction count could indicate deeper cracks in the foundation. It's like watching fewer folks lining up for the thrill ride, causing concerns about the ride's longevity and its sizzle in the NFT universe.

As we rewind the reel, it's worth noting that Bitcoin Ordinals had its very own summer fling in the second quarter. Back then, trading volumes and user activity skyrocketed, eclipsing the timid first quarter of 2023. A star-crossed affair, it seems.

But wait, there's a plot twist! The heart of the matter might just be the age-old question: should NFTs really grace the hallowed halls of the Bitcoin network? Turns out, our heroic protagonist, the Bitcoin community, is a house divided on this matter. Unlike Ethereum and its blockchain brethren, Bitcoin faces the dilemma of whether NFTs belong in its digital kingdom.

Now we wait and see what is next. The obvious disapproval for NFTs on the Bitcoin network is understandable but is there a deeper reason for this? I guess only time will tell...

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