After the FTX liquidity crisis, the echoes of the $ 600 million hack continue. The hacker converted nearly $7.4 million worth of Binance’s altcoin project BNB token into stablecoin Binance USD (BUSD) on Thursday. It was also observed that it was converted to the leading altcoin Ethereum (ETH).
FTX hacker keeps selling
About 10,000 BNB tokens were converted into 2,000 ETs worth over $2.4 million at current rates. A total of 19,714 BNB was $5 million in BUSD in two transactions. BNB and BUSD tokens are linked to the world’s leading crypto exchange Binance. They are located at the main hub of BNB Chain, Binance’s blockchain network.
#PeckShieldAlert FTX Accounts Drainer has swapped 10,000 $BNB ($2,682,185.99) on BSC to 2,001.5 $ETH ($2,400,603.74) pic.twitter.com/tHPgWKhXf2
— PeckShieldAlert (@PeckShieldAlert) November 17, 2022
As we have reported as Kriptokoin.com; In addition, it is not known why the hacker exchanged the stolen funds. One wonders why the specs chose to convert to leading altcoins Ethereum and BUSD. Also, no one has yet claimed responsibility for the attack. The attacker, who performed the first conversion on Tuesday, appears to continue to perform the conversions at the same times of the day. Transactions on Tuesday and Wednesday are made between 09:00 UTC and 11:00 UTC as today.
Stock market hack announced on Telegram channel
The funds were received from FTX’s cryptocurrency wallet addresses late Friday last week. After a short while, FTX made a statement. The exchange reported that its security was breached on its official Telegram channel. The exchange has advised users not to install new upgrades and delete all FTX applications. The hacker then began converting the funds to 34k Ethereum on Tuesday. The wallet address currently has more than 290k ETH. It is also currently the 34th largest owner of the cryptocurrency.
After the event, the BNB price dropped to $ 264.77. It is currently trading at $266.21, down 2.50 percent.
Analysts are waiting for these levels for BNB price
BNB peaked at $398 on November 8. However, the bulls failed to hold higher as seen from the long wick on the day’s candlestick. The sell-off then continued on November 9 and brought the price close to the strong support at $258.
The decline continued and the bulls were unable to push the price above the 20-day EMA at $295. This indicates that sentiment has turned negative and the bears have broken their support rally at the 20-day EMA. The bears will attempt to break the support at $258 again. If they manage to do so, the BNB/USDT pair is likely to drop to $239 and then $216. According to analysts, this negative view will be invalidated in the near term if the bulls propel and sustain the price above $313.
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