Crypto Bulls Wrestle Back Control of BNB after Binance’s $40 Million Hack

Binance, the leading cryptocurrency exchange in terms of volume, suffered a massive blow on May 7 when hackers ran away with 7,000 bitcoins. At the time, the total haul was valued at roughly $40 million. Binance CEO Changpeng “CZ” Zhao was quick to reassure their user base by stating that the exchange will cover the damages through the Secure Asset Fund for Users, or SAFU. Nevertheless, some Binance Coin (BNB) holders panic-sold under the assumption that CZ would dump BNB to pay for the damages. They were wrong. In this article, we show how Binance Coin remains unfazed by the recent 7,000 bitcoin hack.

On the day of the hack, BNB plunged by 6.89% against USDT as it opened at 22.2018 and closed at 20.6602. The bleeding continued until May 10 when the market dropped to as low as 18.30 for a total loss of 17.57% due to the hack. Since then, the BNB market has been incredibly bullish.

Reference: https://www.ccn.com/bulls-control-bnb-after-binance-hack

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Author: Neo Anderson

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