Binance (BNB) remains volatile after $570 million hack

History of cryptocurrencies is littered with hacker attacks. In a recent such attack on world’s largest crypto exchange, Binance, hackers made off with BNB tokens worth $570, forcing the exchange to suspend its blockchain network, BNB Chain, temporarily. The attack has further exposed the vulnerabilities of crypto assets and platforms. This is not the first time where cyber criminals have hacked a crypto platform. According to a Chainalysis report, hackers had already stolen cryptocurrencies worth $2 billion up until mid-2022. While BNB remains volatile after the attack, a new token, Chronoly (CRNO), is enjoying success after launching on Uniswap exchange on October 6, 2022. At the time of writing, CRNO tokens were selling at $0.1123, 42% over the launch price of $0.079. Here we take a look at what happened with Binance (BNB) and why Chronoly (CRNO) is expected to surge even higher.

BNB is the native cryptocurrency powering the Binance ecosystem. Binance informed users that on October 5 2022, hackers targeted a cross-chain bridge, BNB Token Hub, linking with BNB Chain. After the attack, hackers were able to move BNB tokens off the network. The cross chain bridge allows transfer of tokens from one blockchain to another.

The total worth of the stolen BNB tokens was approximately $570 million. While the Binance exchange managed to contain the exploit within a day and assured investors that their funds were safe, BNB cryptocurrency remains volatile.

According to CoinMarketCap data at the time of writing, BNB was trading in the red at $280, down nearly 60% from the all-time high (ATH) of $690.93 on May 10, 2021.

BNB is the fifth largest cryptocurrency by market capitalization. After their ATH, it was expected that BNB would surge further. However, BNB has faced high volatility in the last 12 months. At the start of the year, BNB was trading over $531 but began to fall in the following months as crypto markets started reflecting the volatility in traditional financial markets.

By May 12, BNB was down to $269 and it fell further to $197 when the crypto markets crashed in June 2022. BNB was able to make some recovery, rising to $327 on August 12. However, it has not been able to cross the $300 market since then.