The price of Binance Coin (BNB / USD) remained stable even after a major hack in one of the projects created with the Binance Smart Chain. The price rose to a multi-month high of $ 382.50, bringing its total market cap to more than $ 64 billion.
Poly Network Hack
The biggest cryptocurrency story this week is this Poly Network Hack. Poly Network is a blockchain project that helps implement the interoperability of multiple chains such as Bitcoin, Neo, Ethereum and Zilliqa. The Decentralized Finance (DeFi) network is set up with the help of Binance Smart Chain technology.
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In a statement on Tuesday, the developers said hackers had managed to steal more than $ 600 million worth of coins from their ecosystem. The team also shared the digital addresses the funds were sent to and asked the hackers to return them. Tether managed to freeze about $ 33 million of those funds.
The size of the hack makes it one of the biggest hacks in the crypto industry. It’s on par with the Mt Gox and Coincheck hacks. He has also made clear the security risks associated with the Binance smart chain industry.
In a statement, Binance’s CEO said the company would help developers find the stolen funds. He reiterated that as a decentralized platform, the company has no direct control over the platform.
First of all, the Binance Coin price is the native currency of the Binance Smart Chain (BSC) network. It is similar to Ether, the native currency for the Ethereum network, while DOT is the native token for the Polkadot ecosystem.
The BSC is similar to other platforms like Ethereum, Polkadot and Solana and allows developers to build decentralized applications like NFTs, games and DeFi. The network was used to build some popular platforms like PancakeSwap and Binance Coin.
Binance Coin Price Prediction
The daily chart shows that the BNB price has been in a strong uptrend in the past few weeks. The trend started after the coin fell and found strong support above $ 200. During this rally, the coin has moved above the 25-day and 50-day moving averages. It has also risen above the top of the triangle pattern while the stochastic oscillator is in a strong uptrend. Hence, the coin is likely to continue rising as the bulls target key resistance at $ 450.
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