The BNB Chain Core team has developed a detailed plan to address the consequences of the attack on BNB Bridge that occurred a year ago. The plan includes confiscating the hacker's collateral and using these funds to pay off debts, thereby avoiding the market liquidation of BNB.
As of December 11, 2023, the perpetrator had 630,240 BNB in their account. They also had loans amounting to $58,440,000 and $37,440,000. The team's proposal involves initially repaying the outstanding debt to unlock the BNB collateralized by the hacker.
This will be achieved through a forced liquidation mechanism, granting BNB Chain the authority to carry out the necessary operations. This will result in the liquidation of all the hacker's positions in USDT and USDC, with the remaining BNB being confiscated.
Additionally, the hacker accumulated 128,666.39 XVS tokens, which will also be confiscated and transferred to the Venus treasury. Liquidation fees collected during the process will be used to cover any shortfalls. If the remaining funds are insufficient, the Venus risk fund will be used to cover the deficit.
This incident occurred in October 2022 and led to a temporary suspension of the BNB (BSC) smart network's operations. The hacker used 900,000 BNB as collateral to obtain loans in stablecoins, including USDT and USDC, and managed to transfer $137 million of the stolen $566 million to other networks.
