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A hacker’s position was liquidated as BNB (BNB) remains bearish. Meanwhile, Avalanche (AVAX) is funding a subnet. But will the predicted increased network activity send AVAX to the moon? At the same time, VC Spectra (SPCT) seems to exceed its rivals by doing great things in the DeFi space. Follow us as we delve into the details.
Summary
BNB’s (BNB) Bear Run Sweeps Exploiter Away
A cryptocurrency wallet associated with a $600 million exploit on the BNB Chain in October 2022 lost approximately $63 million on August 16, 2023. This loss occurred on the Venus Protocol, a decentralized lending platform, due to the market crash over the past weekend.
Blockchain security firm PeckShield outlined the losses in a series of posts. Initially, the exploiter’s wallet was liquidated of 1.1 million Venus BNB (vBNB) tokens, worth roughly $9.9 million, priced at $9.4 per vBNB. A subsequent liquidation saw a loss of about 5.6 million vBNB, equating to $52.3 million.
By the time this news surfaced on August 17, BNB’s value was already impacted by the weekend’s market downturn. Since then, BNB’s price has dropped from $231.87 to $211.05, marking a 9% decrease.
However, a forecast from CoinCodex anticipates a potential 11.17% uptick for BNB, targeting a price of $234.60 by August 26. The extent to which Bitcoin’s potential recovery might influence BNB’s trajectory is yet to be determined.
Avalanche (AVAX) Props Up Subnet: Will It Turn The Network’s Fortunes Around?
A press release on August 17 revealed that the Avalanche Foundation is providing Dexalot, a central order limit book decentralized exchange (DEX) built on an Avalanche (AVAX) network, with up to $3 million in AVAX tokens.
Avalanche’s (AVAX) Multiverse money will be distributed over a 12-month period starting in the autumn through the Dexalot incentive program. The money is conditional and will be given out in response to the subnet reaching new objectives. Once it is implemented, it could bring increased activity levels to the Avalanche (AVAX) network.
Despite the news, Avalanche (AVAX) kept falling. AVAX still lost 6.7% on the day, falling from $11.37 to $10.59.
As of August 21, Avalanche (AVAX) has fallen further to $10.41. According to analysts, Avalanche (AVAX) is expected to remain around its current price this week as the selling pressure in the cryptocurrency market eases off.
Why Should You Consider VC Spectra (SPCT)?
VC Spectra (SPCT) is a decentralized asset management protocol and trading platform that aims to provide investors with a secure, transparent, and profitable investment experience. It promises access to projects with profit potential, ethical & responsible investment, and transparency & accountability. VC Spectra (SPCT) is here to give everyone, irrespective of their financial expertise, investment access to the most promising Web3 projects.
VC Spectra (SPCT) combines technology with tried and tested trading strategies to maximize profits for its users. Moreover, additional rewards will be based on token holdings. Some of the rewards for owning SPCT, VC Spectra’s native token, are quarterly dividends and buybacks, exclusive access to pre-ICOs, and voting rights.
VC Spectra (SPCT) has raised $2.4 million during the private seed sale round. You, too, can become a part of the project by participating in the public presale, which is at Stage 2.
VC Spectra (SPCT) tokens cost $0.025 at this Stage, up from $0.008 in Stage 1. Anyone who purchases the tokens now will benefit from a 220% surge when the price increases to $0.08 at the end of the presale!
To learn more about VC Spectra (SPCT), visit:
Buy Presale: https://invest.vcspectra.io/login
Website: https://vcspectra.io
Telegram: https://t.me/VCSpectra
Twitter: https://twitter.com/spectravcfund§
*This article has been paid for. Cryptonomist did not write the article or test the platform.
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