Trouble As BNB Chain Freezes Amid Possible $536M Wallet Hack

Whales are the stars of the cryptocurrency industry. Unfortunately, they also happen to be the most likely targets to be attacked by cybercriminals and hackers. Toward the end of trading yesterday, the BNB Chain had to halt transactions on a whale wallet with over $536 million. It was due to suspicious activity on the wallet that caused a commotion in the community.

Hackers Attempt to Steal Cryptocurrencies from Whale BNB Wallet

According to data collected from the BNB Chain, there were some strange transactions on one of the biggest BNB wallets. Funds were being transferred and liquidated at an unprecedented rate. The account owner is one of the stakeholders in the BNB Chain and other ecosystems. However, in the late hours of yesterday, a significant number of BNB tokens were liquidated from staking.

There was also some activity across other coins in the cross-chain wallet. To prevent a possible hack, the wallet was frozen. This means that the actual account owner will need to either verify that the wallet belongs to them or retrieve control from whoever hacked it.

BNB Price Analysis

In other news, the price of the BNB token was $284.68. The token was down by 3.21% against the USD. Within the last 24 hours, BNB has found resistance at $296.03 and support at $279.80. While the token still has a market capitalization of $45.92 billion, it is being outperformed by Bitcoin, Ethereum, and other top cryptocurrencies.

It isn’t clear if the fall in BNB is due to unusual whale activity or something else. Over the last seven days, the BNB Coin is down by 0.75% against the USD. The next few hours of trading will determine which direction the token will take this weekend. Meanwhile, Bitcoin, the leading cryptocurrency, is trading at $19,956.97. It has fallen by 0.83 percent against the US dollar.

Ronald Henderson

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