Thread by @esatoshiclub

1/10 Another major #Cryptohack!
@BNBCHAIN got ripped off of over $110 mil. This sum's no joke!
What happened?
Will there be any consequences to the market?
What actions are @cz_binance and @binance's team taking to contain this?
A thread by @esatoshiclub! 🧵

2/10 Long story short, #BNBChain was hacked and the hacker got over $590 million in #BNB.

Fortunately for @binance and the whole market, he got off-chain just something over $110 million.

Let's see how it went down( no advanced technicals, just something all can understand).

3/10 Fortunately for us, @samczsun was there to analyze every minor detail of the hack.

The hacker somehow convinced the #BNBChain to send them over 1mil $BNB.

These coins are "false" #crypto. Meaning, the hacker got them from thin air, not actually issued by the #Binance.

4/10 The hacker found a way to forge block 110217401. By somehow changing the proof, he managed to ... hell, too much advanced knowledge ahead.

Here's how we'll do it. If you're interested in the technical details, go to @samczsun's page.

https://twitter.com/samczsun/status/1578167198203289600

5/10 After we (kind of) explained how the hack went on, we're finally getting to the most important part. How will it affect #crypto?

First, let's say that although the 2M #BNB aren't completely real, the fact is that they flooded the market, diluting the value of other $BNB.

6/10 Getting to the price of $BNB, it went down over 7% after the hack was announced. The gains it made in October vanished.
Let's just say a big thank you to @cz_binance and his #developers that are currently working on getting all that $BNB frozen or burn. $7 mil frozen so far.

7/10 Thankfully, the #BNB community did great and the assets have been contained as quickly as possible.

Nevertheless, not all people are happy with these actions. Some are trying to compare #BNB to #LUNC.
Let's just say that it doesn't even come close to what happened to $LUNC.

8/10 The price didn't go down any further due to the amazing activity on @BNBChainDevs end.

They did an amazing job by shutting down the #BSC ( Binance Smart Chain) and containing the issue.

Also, they reopened it in a couple of hours, an action that saved the $BNB price.

9/10 Another great action was made BY @Tether_to. @usdtblacklist operatively blacklisted hacker's generated wallet.

This effort probably saved hundreds of millions of dollars from getting off-chain. Good job @Tether_to and @0xgolddust( the person who automatized the blacklist).

10/10 Let's see how things will develop further. Don't miss the updates by subscribing to @esatoshiclub. You can find the most important #cryptonews here!

Also, help us with an RT for our first tweet. Cheers!