- Despite the attack, BNB’s daily active addresses registered an uptick.
- BNB’s price remained unaffected, and its market indicators were bullish.
BNB Chain [BNB] recently fell victim to an attack, resulting in the loss of thousands of dollars. The chain was quick to acknowledge the attack and took to Twitter to talk about the details of it.
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Generally, such exploits boil down to a decline in network activity as users get skeptical about the blockchain’s security. However, this did not seem to be the case with BNB, as its network statistics looked robust. Additionally, the blockchain’s native token’s price also remained fairly unaffected, as its daily and weekly charts were green.
BNB Chain’s fundamentals broadly remained unaffected
For starters, the blockchain was affected by a Vyper exploit. To be precise, it was a copycat attack due to a vulnerability in the Vyper programming language, specifically in versions v0.2.15, v0.2.16, and v0.3.0. This attack caused a loss of over $73,000.
BNB posted on Twitter that the team was aware of the incident and was actively investigating and taking the appropriate action, checking contracts, and contacting potentially affected projects.
We’re aware of the Vyper exploit (v0.2.15, v0.2.16, v0.3.0). User safety remains our top priority.
The BNB Chain core team is actively investigating and taking the appropriate action, checking contracts, and contacting potentially affected projects. Please exercise caution.
— BNB Chain (@BNBCHAIN) July 31, 2023
The blockchain also advised users to be cautious in order to avoid trouble. Such attacks are often followed by a decline in key metrics of a blockchain as fear among users and investors shoots up.
The good news was that this was not the case with BNB Chain, as its fundamentals remained strong. Artemis’ chart revealed that despite the attack, BNB’s daily active addresses registered an uptick. Its daily transactions also moved up slightly. However, the network’s TVL witnessed a slight decline on 31 July 2023.
Source: Artemis
Though the fundamentals remained strong, market sentiment around BNB did change. As evident from Santiment’s chart, negative sentiment around the token spiked thanks to the attack.
The episode also made BNB a topic of discussion in the crypto space, because of which, its social dominance also remained high.
Source: Santiment
BNB investors have nothing to worry about
The incident also did not have a negative impact on the token’s price action. According to CoinMarketCap, BNB’s weekly chart was green. In fact, its price rose marginally in the last 24 hours, and at press time, it was trading at $245.50 with a market capitalization of over $37 billion.
Read BNB Chain’s [BNB] Price Prediction 2023-24
Upon checking BNB’s daily chart, things looked pretty bullish. The Relative Strength Index gained upward momentum in the last few days.
BNB’s Chaikin Money Flow, after a drop, again moved above the neutral mark, which was indeed a bullish signal. Nonetheless, the Exponential Moving Average Ribbon continued to be in the bears’ favor.
Source: TradingView