No hello today, there is already much curse going on in the market that is already so depressing for the cryptocurrency community.
A few hours back BSC chain got exploited with an astonishing amount of 100 Million USD ($100M) and this is not something like the hackers stole or exploited people's money but rather they added $100M worth of BNB on the chain due to the weakness in a cross-chain bridge.
BSC Token Hub is the bridge.
A bridge is basically, transferring or exchanging tokens from 1 chain to another. Like:
BNB (Bep2 Chain) -----------> BNB (Bep20 Chain)
This arrow is formed by a service known as Bridge.
There were and probably are some weaknesses in this bridge and as there were weaknesses, hackers can ultimately do something with that and they did. Between BNB beacon Chain (BEP2) and BNB Chain (Bep20), this occurs. You all or most of them have used this already once since you are in the crypto industry.
This is the most fucked up topic in my opinion. BNB validates halted the BSC chain transactions meaning the transactions could not be done on the BSC chain anymore until the validators turn it back on and make everything alright.
Although, after everything got fixed the chain and transactions started to work as usual but in the end, some entity is controlling the chain ain't that?
This is for the welfare of people and users, right this is for us users only but in the end, does it signify the main motive of crypto with Bitcoin signifies, DECNTRALZATION?
The BNB team did an excellent job in making everything alright back again and their work is appreciated this completely proves that,
Even Binance is risky. whole crypto industry is full of tremendous amounts of risks so always keep your portfolios well diversified. Do not trust anything blindly, everyone is hungry for money.
I am telling you, this is Binance that is why BNB is still in a good position. if there would have been any other expense or chain with which this would have happened then surely the price would have been devastatingly crashed. You can take the example of Axie Infinity.
People trust BNB, Binance coin, and BSC, even I do. But still this halt stuff although helpful for the users hurts the true meaning of blockchain, especially crypto.
This is the result of this crazy mess. Just usual, 6% dump from the local resistance level which I believe if the hacking it would have not been done in the case, we must have seen this in normal circumstances too.
I won't suggest doing anything with BNB right now and being patient, letting the fire calm down, and letting everyone get relaxed. Just a note that we could see a small $13 decline leading us to around $260/BNB in the upcoming days. This is just an expectation and a prediction.
Rest this all good for the people holding BNB and the supporters f BNB that BNB hasn't dumped. Apart from this HIVE as well did something crazy. An approx. 40% pump in the price, which was not a pure pump but a manipulation of course. It is already down more than half it went up which disturbs our HIVE analysis but I will be still sticking to that until it is confirmed that it is wrong.
Thank you everyone and I hope you must have attained some valuable things from this post if you have any doubts, you can freely share them in the relies. It would be loving to check them out.
SANJAM
