The crypto exchange announced that a cross-chain bridge connecting with its BNB Chain had been hacked, giving cybercriminals the ability to steal BNB tokens from the network. However, since then, the network has resumed operations with not much impact on the price of the token. Speaking with CNBC’s Squawk Box on October 7, Changpeng Zhao, more commonly known as CZ within the crypto space, stated that sentiment around the digital asset remains ‘extremely strong’ despite the network suffering a breach. He added:
What happened ?
In particular, the hackers targeted BCS’s cross-chain bridge BSC Token Hub – the bridge between BNB Beacon Chain (BEP2) and BNBChain (BEP20 or BSC) – resulting in the suspension of operations on the entire chain. According to the estimates by the blockchain security and analytics company PeckShield, the losses could be estimated to be around $580 million.
BNB price analysis
Given the latest news around the token crypto trading analyst Altcoin Sherpa opined that it would be prudent to avoid trading BNB for the meantime. Currently, BNB is trading at $282, down 3.66% in the last 24 hours, and down marginally 0.09% across the last seven days. The total market worth of the digital asset is $45.5 billion, according to data retrieved by Finbold from CoinMarketCap. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
