BNB Chain
Russian Crypto Mining Expands as Others Capitulate – Blockchain News, Opinion, TV and Jobs
Published
1 year agoon
By
adminBy Marcus Sotiriou, Market Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK)
Bitcoin’s comeback has stalled at the $24,000 level, as it retraced last night to $22,700. Bitcoin just broke down from an up-trending line of support on the lower time frame (LTF), so we could see further downside in the short term. The next key level of support is $21,500.
Russia’s capacity for crypto mining has increased significantly, according to a survey of leading operators. This survey claims that the total capacity of crypto farms in Russia has expanded to 500 MW, showing how Russian crypto miners are preparing for growth. Executives have cautioned that growth could be limited by the government’s decision on whether to impose electricity tariffs and taxes. In addition, Russian miners are under threat from US sanctions – particularly Bitriver, which was targeted by the US. Nonetheless, Bitriver, the largest Russian miner, has capitalised on depressed mining equipment prices as they doubled the amount of their data centres. They recognise the advantages that Russia has with its abundant energy resources and the long term opportunity if/when crypto prices recover.
Separately, a recent Messari report highlighted the opportunities of BNB Chain this year. The report mentioned a focus on growth strategies, scaling solutions and Ethereum Virtual Machine implementation. Messari said, “The team plans to expand the network with L2-like solutions, such as ZK-rollups and sidechains, and to increase decentralization by open-sourcing the validator set. Despite several challenges along the way, BNB Chain successfully executed its 2022 roadmap … After a dramatic year with many challenges, BNB Chain looks to remain competitive heading into 2023.” Indeed, daily active addresses on BNB chain grew last year as average daily transactions remained steady at approximately 3.4 million per day. During a persistently down trending market, these statistics are noteworthy and signal strength.
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BNB Chain
BNB hacker loses over $53M after getting liquidated in market crash
Published
9 months agoon
August 18, 2023By
adminThe sudden market crash in the crypto space liquidated many traders — and according to data shown on the blockchain, the attackers responsible for the infamous BNB Chain exploit which led to the theft of almost $600 million worth of BNB (BNB) tokens.
On Oct. 6, the cross-chain bridge by blockchain network BNB Chain was suspended because of an exploit that allowed the hackers to make off with 2 million BNB tokens, which were worth around $568 million at the time of the theft.
On Aug. 18, a crypto wallet linked to the exploit had its collateral, worth more than $53 million, liquidated on the crypto lending platform Venus Protocol, according to blockchain security firm PeckShield. The hacker apparently used the tokens as collateral for a $30 million Tether (USDT) loan on the protocol.
On Aug. 18, the entire crypto market suffered a 6% drop, sending the overall market capitalization to $1.1 trillion, according to coin information sites. The event wiped out over $1 billion in crypto positions in the last 24 hours according to market data tracker Coinglass.
The BNB chain hackers were also affected as the price of BNB dropped below $220. According to blockchain data, three positions linked to the wallet were automatically liquidated after the price fell. At the moment, BNB trades at $218 per token.
Related: Liquid staking claims top spot in DeFi: Binance report
While many suffered losses as a result of the massive drop in the market, some were able to minimize the damage. Days before the crash, a crypto whale sold 22,341 Ether (ETH), worth around $41 million, and avoided a potential loss of over $5 million in value. Despite this, the crypto trader still lost around $1.7 million in the trade.
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