Blockchain News Flash: Recently, the crypto market has experienced a sudden correction and many traders have suffered losses. According to blockchain data, this callback was related to a vulnerability in the BNB Smart Chain, which resulted in the theft of nearly $600 million worth of BNB tokens. On October 6, the BNB Smart Chain’s cross-chain bridge was suspended after hackers exploited a vulnerability to steal 2 million BNB tokens worth approximately $568 million.

On August 18, crypto wallets linked to the vulnerability liquidated more than $53 million worth of collateral on crypto lending platform Venus Protocol, according to blockchain security firm PeckShield. The hackers used these tokens as collateral for a 30 million Tether (USDT) loan on the protocol. The entire crypto market fell by 6% that day, reaching a market value of $1.1 trillion.

BNB Smart Chain hackers were also affected as BNB price fell below $220. Blockchain data shows that three positions associated with the wallet were automatically liquidated after the price dropped. Currently, BNB is trading at $218 per coin.

While many people suffered losses due to large market declines, some were able to minimize their losses. In the days before the crash, a crypto whale sold 22,341 ether (ETH) worth approximately $41 million, avoiding potential losses worth more than $5 million. Despite this, the cryptocurrency trader lost approximately $1.7 million in trading.