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The Binance Coin (BNB/USD) price held steady even after a major hack happened in one of the projects built using the Binance Smart Chain. The coin jumped to a multi-month high of $382.50, pushing its total market capitalization to more than $64 billion.
Poly Network hack
The biggest cryptocurrency story this week is about the Poly Network hack. For starters, Poly Network is a blockchain project that helps to implement interoperability of multiple chains like Bitcoin, Neo, Ethereum, and Zilliqa. The Decentralized Finance (DeFi) network is built using the Binance Smart Chain technology.
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In a statement on Tuesday, the developers said that hackers had managed to move coins worth more than $600 million from its ecosystem. The team also shared the digital addresses that the funds were moved to and pleaded to the hackers to return them. Tether managed to freeze about $33 million of these funds.
We are aware of the https://t.co/IgGJ0598Q0 exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help. There are no guarantees. We will do as much as we can. Stay #SAFU. 🙏 https://t.co/TG0dKPapQT
— CZ 🔶 Binance (@cz_binance) August 10, 2021
The scale of the heist makes it one of the biggest hacks in the crypto industry. It stands in par with the Mt Gox and Coincheck hacks. It also highlighted the security risks associated with the Binance Smart Chain industry.Â
In a statement, Binance CEO said that the company will help the developers trace the stolen funds. He reiterated that as a decentralized platform, the company did not have any direct control of the platform.
For starters, the Binance Coin price is the native currency of the Binance Smart Chain (BSc) network. It is similar to how Ether is the native currency for Ethereum’s network while DOT is the native token for the Polkadot ecosystem.Â
The BSc is similar to other platforms like Ethereum, Polkadot, and Solana in that it allows developers to build decentralized applications like NFTs, games, and DeFi. The network has been 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 bullish trend in the past few weeks. The trend started after the coin dropped and found substantial support above $200. Along this rally, the coin has moved above the 25-day and 50-day moving averages. It has also risen above the upper side of the triangle pattern while the Stochastic Oscillator has been on a strong bullish trend. Therefore, the coin will likely keep rising as bulls target the key resistance at $450.
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