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Binance Burns as Many BNB Tokens as Hacker Minted From Thin Air

The burn removed over 2 million BNB from the circulating supply. Binance today completed its 21st quarterly burn of BNB tokens, effectively compensating for the losses incurred from its bridge hack last week. BNB is the native cryptocurrency of the BNB Chain, formerly known as the Binance Smart Chain, which is a competitor to Ethereum. A “burn” is[Read more…]

Solana DeFi Trading Platform Mango Markets Loses $100M in Hack

The latest hack comes less than a week after BNB Chain lost $100 million. In the second $100 million DeFi hack this week, Mango Markets was drained of $100 million in funds due to an exploit. Mango Markets tweeted Tuesday evening that a hacker was able to empty funds from Mango via an oracle price[Read more…]

BNB Chain Upgrade Restores Cross-Chain Transfers Following Binance Bridge Hack

The Moran hard fork seeks to amend several issues on the BNB Chain stemming from its $100 million hack last week. BNB Smart Chain successfully deployed an upgraded version of its network, resolving several cross-chain issues following the multi-million dollar bridge hack last week.  “All relevant funds stuck in cross-chain transfers will now have arrived[Read more…]

Where Is Terra’s DeFi Market Share Going? Ethereum, BNB Chain, and Tron

Terra’s collapse boosted activity on Ethereum and BNB Chain. But Tron is also getting a boost from its algorithmic stablecoin that resembles… Terra. Before its agonizing implosion last month, Terra’s ecosystem enjoyed nearly 15% of all DeFi market share. This made it the second-largest hub for all things decentralized finance, according to data from DeFiLlama. But when a $40 billion network collapses and[Read more…]

SEC Targets Binance’s BNB ICO for Potential Violations: Report

The launch of Binance Coin (BNB) five years ago fostered the world’s largest crypto exchange. Today, it’s getting a fresh look from U.S. regulators, according to Bloomberg. The initial coin offering that served as the cornerstone of the launch of the Binance cryptocurrency exchange in 2017 is getting a fresh look from federal regulators. According[Read more…]