Since Binance launched Binance Coin, the BNB crypto coin has become a key part of the world’s biggest crypto exchange’s ecosystem. 

BNB began life as the asset sold during Binance’s ICO (initial coin offering), offering owners an opportunity to receive lower trading fees once the exchange launched. 

Since then, the BNB crypto offering has retained an important role in the Binance operation as the business expands beyond its original concept of being a digital asset exchange. 

## BNB Coin history 

Binance launched its ICO just over six years ago, with members of the founding team and angel investors among those to secure Binance coins. 

The business raised $15 million through the sale of BNB tokens, with 100 million selling for $0.15 each. 

Just over a third of the revenue was used to upgrade the Binance platform, while half was spent on branding, education, and marketing. The rest was put aside in case of emergency. 

When first sold, the BNB token was built as an ERC-20 token on the Ethereum blockchain. Two years after the ICO, Binance opened its own blockchain, Binance Chain, and, with it, a native coin, BNB. A token swap in 2019 allowed BNB crypto token holders to exchange them for the coin. 

## How does the Binance crypto coin work? 

BNB Coin operates like most other cryptocurrencies. People can buy and sell it, determining the rise and fall of its value, hold it in compatible wallets, and use it for payments. 

On a more technical level, we need to look at Binance Chain, the company’s layer-1 blockchain. 

The primary focus during development was optimising on-chain trading, principally to enhance Binance’s decentralised exchange. Transaction, or gas, fees on the chain are paid in the native currency, the BNB crypto coin. 

Within the Binance Chain, we find the Binance beacon chain, focused on the governance of the blockchain and where BNB crypto coin holders can take part in staking and voting. There is also the Binance Smart Chain, an Ethereum Virtual Machine-compatible consensus layer with hubs to multiple chains. 

## Burning BNB crypto 

Binance has performed quarterly burns of BNB since shortly after its ICO in 2017. It continues to spend money four times every year to buy back and burn BNB Coin. The stated aim is to completely destroy half the original supply – 100 million BNB Coins. 

As with all burn programmes, the aim is to reduce supply and drive up rarity, which can increase the value of the asset. 

An unusual aspect of the Binance operation is the Pioneer Burn Program. In this, the business will evaluate cases where BNB holders have irrevocably lost their holding and, in some instances, repay them and deduct the amount of lost BNB from the next quarterly burn. 

## BNB and its uses 

The popularity and use of Binance Coin has grown with the brand. As mentioned above, it started out as BNB crypto token to raise funds to launch an exchange and quickly gained traction. 

Binance has expanded into a wider ecosystem, broadening the use and appeal of BNB crypto. The expansion has seen the launch of a decentralised exchange, two blockchains, crypto borrowing, peer-to-peer trading, and more. 

BNB Coin can be used to pay for [Binance Exchange](https://www.binance.com/en) transactions, with customers who use this option seeing fees reduced. As the ecosystem has expanded, BNB has become a payment component in other Binance products. 

BNB can also be accepted as payment by participating merchants, used to invest in stocks, ETFs, and other assets on some platforms, as collateral for loans, and to make direct payments to others via certain apps. 

## BNB crypto pricing 

Like all cryptocurrencies, the value of BNB fluctuates depending on market circumstances and sentiment. From an all-time low of $0.09611 in 2017, the year of the ICO, BNB rose to a heady all-time high of $690.93 in May 2021, according to[ CoinMarketCap](https://coinmarketcap.com/currencies/bnb/). 

At the time of writing, the BNB market cap was in excess of $32.5 billion. 

The notable increase in BNB value between 2017 and 2021 is tied to the success of Binance Exchange, the world’s biggest crypto trading platform, and its vital role within the expanding Binance ecosystem. 

Given the market dominance of Binance, some investors consider BNB a ‘safe’ investment, despite the likelihood of large short-term returns being low. However, as ever, it is vital to do your own research and be aware that BNB, like all cryptocurrencies, is subject to significant value fluctuation, and there are no guarantees, even with an established digital asset. 

While Binance remains a strong brand, it has faced challenges that could impact the future value of BNB. 

## Regulation of Binance 

In a short time, Binance established itself as one of the most significant players in the global crypto market. But problems began to emerge in 2021, when regulatory action was taken in jurisdictions including the UK, Japan, Malta, Netherlands, Cayman Islands, Malaysia, and Thailand. [The UK ordered](/news/article/binance-gbp-deposits-and-withdrawals-suspended) the company to cease all financial activities in the country in July of that year due to the lack of required authorisation. 

Two years prior, Binance had removed US customers from its main exchange, instead launching a country-specific platform called [Binance.US](https://www.binance.us/). 

While some licences have been granted, notably in France, Binance remains under regulatory scrutiny. Just four months ago, the US Securities and Exchange Commission announced 13 securities law charges against Binance entities and founder [Changpeng Zhao](/news/article/cz-binance-founder). 

How does the BNB crypto coin work? 

## What's Binance? The simple answer is that it is a cryptocurrency exchange. 

A [crypto exchange](/news/article/what-is-a-cryptocurrency-exchange) is a fundamental part of the crypto ecosystem as it enables the movement of cryptocurrencies, creating the crypto economy. An exchange in the crypto space functions like a stock exchange in traditional finance. It assists crypto investors, traders, and users to sell, buy, and trade their digital assets. 

This article focuses on Binance, its key features, and how to get started. 

## What’s Binance? 

For those investors wondering "what's Binance", it is a centralized exchange established in 2017 by [Changpeng Zhao](/news/article/cz-binance-founder), who currently serves as its CEO, and Yi He in China. Currently, the exchange is set up in the Cayman Islands following China’s cryptocurrency ban. 

Binance is the leading crypto exchange by trading volume as well as revenue. The exchange facilitates transactions worth over $1 trillion annually. 

## What's Binance good for? 

- Trading Assets: Users can buy crypto assets using fiat currency, sell them for fiat currency and trade their digital assets for other digital assets on the Binance exchange. 
- [Crypto wallet](/news/article/best-crypto-wallets): Binance also provides users with a crypto wallet. Like a physical wallet, users can store their digital coins in the wallet safely and use them when they want to trade. 
- Crypto staking: The exchange also offers crypto-staking services to its users. This enables users to deposit and lock their assets for a given period during which they gain interest. For some blockchains, staking assists in building the chain, and users who stake are rewarded in crypto. 
- Binance Launchpad: This is a service created for crypto developers to launch their new cryptocurrencies through an Initial Coin Offering ([ICO](/news/article/what-is-an-ico)). 
- Low Transaction Fee: Similar to other financial institutions, Binance also charges a fee for transactions to generate revenue. However, in the crypto industry, Binance prides itself on having the lowest transaction fees. 
- To get even lower transaction fees, users can pay in Binance Coin (BNB), a token native to the Binance ecosystem, which accords them up to a 25% discount on trading fees. 
- High Liquidity: Binance also has the highest liquidity among all crypto exchanges. This allows a user to sell all their digital assets and withdraw all their funds. 

## How to get started 

Once we've answered the question "What's Binance", we need to look at getting started. It is a simple process: 

### Step 1: Registration 

To get into Binance, a user is required to [register on the website](https://accounts.binance.com/en/register), with their email and a strong password. Users can also reinforce the security of their accounts by setting up a 2-factor authentication (2FA) service. 

### Step 2: Account Verification 

To access full privileges on the exchange, users are required to verify their accounts by providing Know-your-customer (KYC) documents to ascertain their identity. These documents include a government-issued ID, a driver's license, or a passport. Verification helps to secure your account further and ensures compliance with regulations. 

### Step 3: Purchase Crypto 

Once the account is set up, users can purchase crypto using their fiat currencies. To do this, users can deposit their fiat currency into their exchange wallet, which is automatically created once an account is created. They can then use these funds to [buy a cryptocurrency](/news/article/best-crypto-currency-2023) of their choice. 

### Step 4: Trading 

After creating an account and depositing funds, users are now prepared to initiate trades. Binance offers three primary types of [trade](/news/article/best-tools-for-trading-crypto) orders: market order, limit order, and stop-limit order. 

A market order is executed instantly, as it involves trading an asset at the prevailing market price. 

A limit trade is where an asset is bought or sold at a price the trader sets. This trade takes time because the trader's price must be met. 

A stop limit order is a trade that occurs once the price set by the trader for an asset is reached by the market. While the trade is more risk-averse, it is not guaranteed to happen because the asset may never reach the set price. 

What's Binance? A Beginner's Guide

In 2022, a harsh crypto winter caused substantial losses for investors, undermining trust and creating uncertainty. However, there is now a glimmer of hope as the market gradually shows signs of recovery, with Bitcoin, Ethereum, and other cryptocurrencies exhibiting some stability. Considering current affairs, investing at this juncture can be a prudent choice. If you're seeking the best crypto currency to invest in today, we present the top seven options to consider. 

## 1. Bitcoin (BTC) 

Undeniably, Bitcoin is the premier cryptocurrency globally, enjoying the advantage of being the first mover among its peers. Because of its dominance, many consider it the 'best crypto currency'. Introduced by Satoshi Nakamoto in 2009, it shaped the blockchain industry and revolutionised the concept of currency.  

At its inception in 2009, the value of one BTC stood at a mere $0.00099. Over the following years, Bitcoin made steady progress, with its price crossing the $500 mark in 2016, a significant milestone for a virtual currency. However, it was in 2017 when the price of Bitcoin experienced an explosive surge. As of June 2023, one Bitcoin is trading at approximately [$25,000.](https://coinmarketcap.com/currencies/bitcoin/)

This upward trajectory showcases the immense [potential of Bitcoin](/news/article/will-bitcoin-go-back-up) as a long-term investment. Furthermore, with a maximum supply of 21 million Bitcoins, their scarcity is expected to drive their value further. 

## 2. Ethereum (ETH) 

After Bitcoin, Ethereum stands as the second most prominent cryptocurrency and, for many altcoin enthusiast, the best crypto currency. The Ethereum blockchain has played a pivotal role in transforming the industry through its innovative smart contracts and significant impact on the non-fungible token (NFT) market. This has made Ethereum a favourite among developers and investors alike.  

[ETH ](/coins/eth)debuted in 2015, initially priced at a mere $0.4. However, it has experienced substantial growth for the past eight years and is currently trading at approximately $1,900. This remarkable surge equates to an astounding percentage growth of 474,900%.

## 3. Tether (USDT) 

Tether is yet another prominent cryptocurrency worth considering for investment. As a stablecoin, Tether is pegged to the value of the US dollar, ensuring that it maintains a consistent and stable worth. The primary objective of utilising stablecoins such as USDT is to safeguard your funds against the inherent volatility of the crypto market. 

[USDT](/coins/usdt) has established itself as one of the most widely used and trusted stablecoins, boasting an impressive market capitalisation of approximately $83.2 billion. 

## 4. Binance Coin (BNB) 

[Binance Coin](/news/article/guide-to-binance-uk), commonly referred to as BNB, is an initiative by Binance, one of the largest cryptocurrency exchanges worldwide. The coin was introduced in July 2017 as part of Binance's Binary Finance initiative to advance its offerings. Built on the [Binance Smart Chain (BSC)](/news/article/bnb-price), BNB plays a pivotal role within the Binance ecosystem, collaborating with various blockchain projects. 

BNB's association with numerous blockchain initiatives on the Binance exchange sets it apart from other cryptocurrencies. This affiliation grants the coin increased exposure to the market, capturing the interest of investors. 

During its launch, BNB was priced at a mere $0.09, steadily increasing in value over time. While its price remained below $50 following its 2020 launch, it gained significant momentum during the bullish cycle of 2021. The coin holds a market value of $306.30, boasting a market cap surpassing $47.7 billion. 

## 5. US Dollar Coin (USDC) 

USD Coin ([USDC](/coins/usdc)) is a widely recognised stablecoin in the market. It [shares similarities with USDT](/news/article/usdc-vs-usdt) as it is also pegged to the US dollar, ensuring price stability. The coin was introduced in September 2018 by The Centre consortium. Its purpose aligns with other stablecoins, aiming to address volatility concerns and create a secure ecosystem for users in the realm of decentralised finance (DeFi) and Web3 gaming. 

As of 5 June, 2023, the market capitalisation of USDC amounts to a substantial $28,911,645,575, positioning it as the fifth-largest cryptocurrency in the market. 

## 6. Cardano (ADA) 

Cardano's blockchain and its cryptocurrency [ADA ](/news/article/ada-price-in-gbp-conversion-analysis)are renowned for innovation in the crypto market. With a strong commitment to environmental sustainability, Cardano incorporates energy-efficient practices and actively supports eco-friendly initiatives - for example, collaborating with [Veritree and Samsung](/news/article/cardano-samsung-climate-change) for a climate action initiative. This environmental focus has contributed to the growing popularity of ADA. 

The Cardano blockchain has expanded its ecosystem to include NFTs, DeFi projects, GameFi, and more. This diverse and evolving ecosystem positions ADA as one of the strong contenders for best crypto currency. 

## 7. Dogecoin (DOGE) 

[Dogecoin](/coins/doge) is a cryptocurrency that has gained notoriety primarily due to market hype. Originating as a meme coin, it captured the attention of crypto enthusiasts, especially after receiving endorsements from prominent figures like Elon Musk, the owner of Twitter and Tesla. One of the distinguishing factors of DOGE is its dedicated community, known for creating humorous DOGE memes. 

At time of writing, Dogecoin's price stands at a modest [$0.06](https://coinmarketcap.com/currencies/dogecoin/). However, its market capitalisation exceeds $10 billion, indicating its significant popularity among investors. As a result, DOGE holds the potential to emerge as a prominent cryptocurrency in the future. 

## Final thoughts 

If you seek the best cryptocurrency for investment, consider the seven options we mentioned. Note, however, that this does not constitute investment advice but serves informational purposes. 

Remember that all investments carry risks, so employ risk management strategies and conduct thorough research. 

Before making any investment decisions, establish your investment goals and devise long-term and short-term strategies. 

Assess your risk tolerance and only invest what you can afford to lose. If you are still determining the suitability of these cryptocurrencies, consulting a financial advisor is a wise step. 

The best cryptocurrency to invest in 2023 

Is now the best time to trade BNB to GBP?

In the early days of cryptocurrency trading, it was impossible to exchange crypto directly for fiat. It had to be crypto for crypto, with BTC and ETH pairs as the most common.

Around 2010, stablecoins were introduced into the fray to hedge against inflation and act as a store of value. The first of these assets was USDT, and USDT trading pairs soon became common.

Fiat currencies were the last to be added. A crypto-fiat trading pair makes it easier for traders to cash out any gains and onboard new traders. While the USD is the most common base pair owing to the dollar’s worldwide acceptance and strength, many exchanges allow fiat base pairs based on local currencies.

For example, while the Canadian dollar (CAD) is popular in Canada, the [British pound sterling](/news/article/dogecoin-to-gbp) (GBP) is common in the United Kingdom. 

## How to trade the BNB-GBP Pair

[Binance Coin](/news/article/binance-bridge) (BNB) is the utility token issued by Binance. It is the fourth largest cryptocurrency by market cap, [according to CoinMarketCap](https://coinmarketcap.com/currencies/bnb/), and continues to attract more investors.

You can exchange BNB for GBP by selling it on a cryptocurrency exchange like Binance or [Kraken](/news/article/kraken-review). At the time of writing, BNB is available on 92 exchanges at an average exchange rate of 247.35GBP. BNB is available for purchase using bank transfers, debit card payments, and cash transactions.

It's worth noting that technical indicators like the Relative Strength Index (RSI) suggest that BNB is currently neutral at 68%. Also, the alternate highs and lows in the last 30 days indicate a volatility of 2.84%. Again, BNB is about -51.95% off its peak exchange rate of 1 BNB to 595.95 GBP in May 2021. 

Thus, it may not be the best time to trade BNB for GBP.

Alternatively, Ambcrypto suggests BNB will hit $781 in 2023. Similarly, Changelly predicts BNB will only be as low as $1,122.96 in 2025 but could rise as high as $1,270.31. Also, crypto exchange CoinDCX predicts a bullish end to 2024 will make the beginning of 2025 positive for BNB.



Trading BNB to GBP

The BNB Chain-based passive income protocol EverGrow coin price surged in the last week of August due to the news of an ecosystem token launch.

The new token, LUCRO, is intended to enhance EverGrow's ecosystem, which presently includes a decentralised exchange, or DEX, an [NFT marketplace](/news/article/solana-nft-marketplace), a social media platform, a crypto wallet, and a Metaverse.

The sharp EverGrow price rise of more than 40% in the previous seven days, as of 2 September, was a welcome relief for EGC investors. They had watched the cryptocurrency token lose about 80% of its market value since 2022.

## Evergrow coin - a form of passive income 

EverGrow is a passive income platform built on the BNB Chain that compensates holders of its native token with [stablecoins](/news/article/kuji-coin). 

EverGrow pays its holders in BUSD, a Binance-based stablecoin. Transaction costs from buying, selling, and transferring EGC create rewards. According to the project's whitepaper, 8% of all transaction fees are redistributed to holders, with the remaining 2% going to a liquidity pool on the Binance-based DEX Pancake Swap.

An additional 4% of transaction fees are split evenly between repurchase programmes and project development. The protocol also has an "anti-whale scheme" that restricts any sale value to 0.125% of the circulating supply.

## Evergrow coin price - What is EverGrow? 

According to CoinMarketCap, EverGrow's native token was the 3,250th largest cryptocurrency as of 2 September, with a self-reported market valuation of $91m although the egc price fluctuates. 

According to their website, awards are computed based on the amount of EGC held and the daily volume. 
BUSD, when specific volume criteria are met, is distributed; low transaction volume may result in a longer threshold trigger period. The token features a buyback and burn option; more than 50% of EGC passed to a burn address. The initial maximum quantity of the companies' tokens was one quadrillion.

EverGrow's repurchase reserve amasses Binance Coin (BNB), used to purchase EGC on the open market and transfer it to a burn address. As previously stated, EverGrow allocates 2% of transaction fees to its repurchase reserve. 

Based on [BscScan](https://bscscan.com/token/0xC001BBe2B87079294C63EcE98BdD0a88D761434e#balances) on-chain statistics, around 139,800 addresses possessed EGC on 2 September, 2022. EverGrow's burn address had approximately 53% of EGC's maximal supply. The highest EGC-holding address had 51.13 trillion tokens, accounting for 5.1% of the entire supply before the burn. As of 2 September, 2022, the second richest EGC-holding address had around 3.4% of the token's total supply before the burn.

## The action of EverGrow coin price 

EGC interest peaked a few weeks after its inception when EGC token transfers began to surge. On 7 October, 2021, less than a fortnight after the debut of the EverGrow Protocol, EGC was selling for $0.00000006575, according to CoinMarketCap data. As per BscScan data, EGC token transfers increased in the last week of October 2021, peaking at over 70,000 transfer counts on 1 November, 2021, the same day EGC reached an all-time high of $0.000003379.

Since then, the amount of token transfers on their protocol has decreased, and the price of EGC has followed suit. As of 2 September, 2022, EGC had lost around 78%. EGC reduced losses by climbing 37% in the previous seven days.

EGC is one of several coins experiencing unfavourable price behaviour due to the risk-off shift in market opinion toward cryptocurrencies. This year, the crypto veterans [BTC](/news/article/bitcoin-price-uk) and ETH have dropped by more than 50%.

## EverGrow coin price prediction for 2022

Longer term, algorithm-based forecasting firm [Wallet Investor](https://walletinvestor.com/forecast/evergrowcoin-prediction-data) was optimistic about the firms' price projection for 2022, predicting that the EGC token will trade at an average of $1.122 by the end of 2022. 

According to Wallet Investor's 2025 EverGrow price projection, the token will reverse its gains and plummet to an average price of $0.000000006 by the end of 2025. 

Meanwhile, [DigitalCoinPrice](https://digitalcoinprice.com/forecast/evergrowcoin) predicted that the token would trade at an average price of $0.000000889 in 2030. 

Per the [price prediction's](https://priceprediction.net/en/price-prediction/evergrow-coin) EverGrow crypto price prediction for 2 September, 2022, the token will trade at an average price of $0.00000106 in five years.


EverGrow Coin Price Direction

1inch Network is a DEX aggregator that scours decentralised exchanges for the most profitable liquidity provider platforms. It provides users access to 116 sources on the Ethereum ecosystem, the [Binance Smart Chain](/news/article/bnb-price), and the [Polygon](/news/article/polygon-nft-drops-2022) Network.

The aggregation protocol employs various algorithms to perform its function, providing users with access to liquidity sources worth more than $30 billion.

Sergej Kunz and Anton Bukov, two Russian developers, created 1inch Network. They have expertise in smart contract auditing. Kunz and Bukov, both avid DeFi enthusiasts, began experimenting with arbitrage bots, creating the first medium viable product during the ETHNewYork hackathon in 2019.

Since then, the platform has raised approximately $15 million in funding and is governed by the 1inch Network Foundation, a non-profit organisation that launched the 1inch token in December 2020.

## How does the exchange work?

The 1inch Network protocol splits orders across multiple DEXs to find the best market price. The protocol employs a combination of arbitrage bots and other algorithms to accomplish what would require several pairs of hands working at breakneck speed from humans. Users can swipe tokens on three networks at the lowest prices thanks to 1inch Network.

## What is a 1inch token?

1inch is an ERC-20 token designed to serve as the 1inch ecosystem's governance and utility token. The token is available on various exchanges, including Binance, Coinbase, Uniswap, KuCoin, Gemini, and PancakeSwap.

The following are the primary applications for the 1inch token:

•	Utility: The [token](/news/article/crypto-coin-vs-token) can be used as a connector on the Liquidity Protocol to aid in efficient token swap routing.

•	 Governance: All governance votes on the 1inch Network require the token.

•	 Multi-chain: The token is accessible via a bridge on the Ethereum and BSC networks.

How to trade on 1 inch?

1. Connect your wallet 
Go to [1inch.io](https://1inch.io/) and click the "Connect wallet" button in the top right corner.
Select your wallet in the pop-up window (Metamask), and click the "Connect" button.
Your Ethereum address will be visible at the top of the page once the wallet is connected. You can always copy the address, disconnect the wallet, and check your transaction history by clicking on it.

 2. Basic settings
In the dropdown windows, select the coin you have and want.
You can also choose between 'Maximum return' and 'Lowest gas cost'. If you select the 'Maximum return' option, the algorithm will use complex swap routes to ensure you get the best rates.

You can also select the 'Lowest gas cost' option. In that case, the pathfinder algorithm will determine the most cost-effective option in terms of gas. This option is useful for small trades where you don't want to pay high fees, such as converting 10 USDT to WETH. Small transactions optimise fewer liquidity sources; thus, the option with the lowest gas cost will most likely deliver the lowest price. 

3. Swap the coin
Click on the "swap" button. And you get the coin you want at the lowest price.

## Benefits of using 1inch exchange

The primary benefits of using the [exchange](/news/article/best-exchanges-for-crypto-uk) are as follows: 

1.	User-friendly interface
2.	No additional transaction fees: The exchange does not charge any additional fees.
3.	Low swapping charges: Users can choose between different exchanges and actively select the best prices and gas fees.
4.	The platform is safe and secure for transactions. 
5.	Favourable crypto rates: The Pathfinder feature lets users quickly find the best rates for cryptocurrency exchanges.
6.	Increase liquidity: As a DEX aggregator, the exchange has access to over 50 DEXs with significant liquidity.

## Bottom line

1inch includes a slew of features, including an innovative governance model that aims to change the way decentralised networks are managed. With a market capitalisation of approximately $500 million, 1inch Network's ERC-20 token provides sufficient liquidity and provides traders and liquidity providers with a profitable and cost-efficient service.
 



A comprehensive guide to the 1inch Network

The "temporary" suspension is due to "irregular behaviour" and a "possible exploit," according to BNB Chain on [Twitter](https://twitter.com/BNBCHAIN/status/1578148078636650496). The team stated that all systems are now isolated, and they are examining the possible vulnerability promptly. It also asserted that all monies are secure. They had also halted all BNB deposits and withdrawals on the exchange due to "maintenance" on the Chain. 

However, Twitter user and DeFi creator "foobar" had a [different take](https://twitter.com/0xfoobar/status/1578140914283065344) on the matter. He said an attacker took 2 million BNB from "someone" on the network, which is worth around $600 million.

## Evidence of Binance hack

Foobar continued by saying that the attacker is dumping money into liquidity pools and using any bridge to go to safer chains. A snapshot from a block explorer showed the suspect had $532 million in crypto scattered over several EVM-compatible chains and L2s, according to the user. These include $421,000,000 on the BNB (79%) and another $53 million on Ethereum (10%).

The address's total assets are $421 million, matching the foobar snapshot. Which is supported by BNB data, which shows precisely 1,020,094 BNB parked at the same spot, valued at $288 million. 

According to the explorer, the address was previously detected as part of the "BSC bridge attack," as [revealed](https://twitter.com/AnciliaInc/status/1578155138857914368) by the Web 3 cybersecurity organisation Ancilia. Tether, the creator of the world's largest stablecoin, has already [blocked](https://twitter.com/0xfoobar/status/1578144109206073344) the account.

## Can funds be recovered from the Binance hack? 

[BNB](/news/article/bnb-chain-security-system) had recently [verified](https://twitter.com/BNBCHAIN/status/1578163230790520832) that about $70 to $80 million in assets vanished from the platform before being suspended. Another $7 million of the escaped monies became blocked due to "the community" and [Binance's](/news/article/binance-bridge) "internal and external security partners." 

The business also acknowledged several organisations for their assistance, including CertiK, Ankr, and Coinbase Cloud.



$600mil Binance hack leads to BSC pause

## How crypto hack succeeded

Funds went missing from Transit Swap after a hacker exploited [an internal bug](https://www.cnbctv18.com/cryptocurrency/hacker-exploits-platform-bug-to-syphon-23m-from-transit-swap-returns-70-of-loot-a-day-later-14856551.htm) on a swap contract on October 1 2022. The cross-chain DEX (decentralized exchange) aggregator prompted a quick response from the Transit Finance team and security firms Peckshield, SlowMist, Bitrace, and TokenPocket. They were able to work out the hacker's IP, email address, and associated-on chain addresses quickly. 

"We sincerely apologise", said Transit Swap on Twitter. The company said that security firms are tracking the necessary data on-chain, and they will alert customers of any additional notifications as they arise.

Less than 24 hours after the theft,[ Transit Finance](https://swap.transit.finance/) reported that "with the combined efforts of all parties," the hacker had returned 70% of the stolen assets to two addresses, totaling around $16.2 million. 

The hacker appears to have had to hand over the crypto after the Transit Finance team and various security firms obtained data about the perpetrator. 

According to [BscScan ](https://bscscan.com/tx/0x181a7882aac0eab1036eedba25bc95a16e10f61b5df2e99d240a16c334b9b189)and [EtherScan,](https://etherscan.io/tx/0x743e4ee2c478300ac768fdba415eb4a23ae66981c076f9bff946c0bf530be0c7) this crypto came in the form of 3,180 Ether (ETH) valued at $4.2 million, 1,500 Binance-Peg ETH valued at $2 million, and 50,000 BNB valued at $14.2 million.

## Plan for the return of the rest of the monies from the crypto hack 

According to the most recent update, "the project team is scrambling to collect the exact information of users whose crypto [got stolen](/news/article/nomad-crypto-hack) and design a specific return strategy". Still, it focuses on recovering the remaining 30% of stolen monies. 

At the moment, security companies and project teams from all sides are still tracking the hacking issue and communicating with the hacker via email and on-chain techniques. It said the group would continue working tirelessly to retrieve more assets.

#Plan for the return of the rest of the monies from the crypto hack hted](https://slowmist.medium.com/cross-chain-dex-aggregator-transit-swap-hacked-analysis-74ba39c22020) that the [hacker](/news/article/nft-hackers-passports) exploited a vulnerability in Transit Swap's smart contract code, which came directly from the transferFrom() function, which essentially allowed users' tokens to be sent directly to the exploiter's address.


Crypto hacker returns 70% of $23 million to Transit Swap

AvengerDAO is a new community-driven security project that BNB Chain has created, the native blockchain of Binance. Its purpose is to protect users from fraud, harmful actors, and possible exploits.

[The decentralized autonomous organization (DAO)](/news/article/daomaker-guide) with a focus on security was established in collaboration with well-known crypto projects and industry leaders in the field of information security, such as Certik, TrustWallet, PancakeSwap, and Opera, to name just a few.

A passive application programming interface (API) called Meter, a subscription-based alert system called Watch, and a programmable fund management system called Vault make up most of the AvengerDAO security endeavour.

These three core components are referred to collectively as "Vault." AvengerDAO will add layer protection whenever a user on the BNB Chain interacts with any applications or counterparties. The Meter API system retrieves security ratings on smart contracts, domains, and addresses and notifies users if there is a weakness in the system's security.

## BNB Chain unveils a new mechanism managed by the network's community

The Watch system provides real-time notifications to users about active exploits. The Vault functions as an escrow service, holding users' assets until certain pre-determined criteria are satisfied before releasing those funds.

[Gwendolyn Regina, investment director at BNB Chain](https://cointelegraph.com/news/bnb-chain-launches-a-new-community-run-security-mechanism-to-protect-users), explained how the community would be responsible for security decisions. She also stated that the community would survey existing security auditing service providers to determine the types of common security vulnerabilities that are currently present. She said, "We believe that when other expert security audit firms become members of the DAO, we will jointly obtain a greater understanding of the security landscape, and we will work toward improving it."

From the beginning of September, users of PancakeSwap can retrieve the security ratings of smart contracts with which they are interacting if certain members of AvengerDAO, such as the security decentralized application (DApp) Hashdit, have already released an integration with PancakeSwap. 

BNB Chain has placed a particular emphasis on the safety of its users and has introduced several new safety measures in the previous few months. Before the AvengerDAO debut, the BNB Chain introduced Dappbay with an innovative feature called Red Alarm that launched before the AvengerDAO launch. This function analyzes the risk associated with the project in real time and notifies users of potentially dangerous DApps. Within a month after its introduction, the DappBay Red Alarm function recognized more than fifty on-chain projects as a significant threat to users.

During July alone, the safety feature assessed 3,300 contracts. AvengerDAO aims to become a multidimensional security initiative focusing on detecting real-time vulnerabilities and exploits, in contrast to Red Alarm, which was only intended to flag vulnerable smart contracts and projects that posed a financial risk. Red Alarm was created to identify projects and smart contracts that posed a financial risk.



BNB Chain introduces a new security system

Earlier today, Binance Labs, the startup capital and accelerator arm of BNB, made public its strategic investment in Ankr, the Web3 powerhouse known for its decentralized infrastructure.

Ankr's substantial open-source contributions to Binance's BNB Chain, BNB Liquid Staking, and general ecosystem support are primary drivers that attracted the investment from Binance Labs.

## What is Ankr?

In essence, Ankr facilitates the launch of blockchains for businesses, allowing them to provide superior Web3 experiences to their customers in record time. The protocol, scheduled for release in 2021, will eventually process 200 billion Remote Procedure Call (RPC) queries each month across 50 different blockchain networks.

[Specifically, Ankr's COO Ryan Fang said](https://en.cryptonomist.ch/2022/08/11/binance-labs-makes-strategic-investment-in-ankr/): The addition of Binance Labs as a strategic investor fills us with joy. With the most daily transactions and users, BNB is clearly the leader. 

Ankr serves over 7.2 billion daily blockchain requests on over 30 different blockchains, making it the second largest node provider (after Alchemy). 

The possibility is to further serve its customers, they plan to invest the funds towards expanding its market-leading RPC service and its portfolio of Web3 development tools, which currently includes the Liquid Staking Software Development Kit (SDK), the Web3 Gaming SDK, and the App Chains As A Service.

In addition, their Protocol processes over 7 billion blockchain requests every day across the 18 blockchains on which it provides RPC hosting. The fact that all [BNB initiatives](/news/article/binance-staking) and users stand to gain greatly from Ankr's improvements to the network is another reason for Binance Labs' endorsement of the project.

As previously mentioned, Ankr is responsible for most of BNB's foundational architecture, including the Erigon update, the Archive Node upgrade, and the most recent BNB Application Sidechain (BAS) scaling solution. 

Yi He, a co-founder and manager of Binance will be leading the incubator's venture capital (VC) division.

Yi He will be responsible for Binance Labs' general direction and day-to-day operations, with some of his time spent bolstering infrastructure initiatives and enhancing the practical applications of cutting-edge crypto and blockchain endeavors.


Ankr receives significant investment from Binance

The Binance Smart Chain protocol is a blockchain technology that provides developers with a way to create their own decentralized applications. It's based on the Binance Chain, which is the mainnet that Binance uses to issue and trade its own cryptocurrency, Binance Coin (BNB).

Developers who want to use the Binance Smart Chain protocol can do so on a white label basis. This means they can create their own applications using the protocol, and they don't have to use the Binance name or branding.

## How does the Binance Smart Chain protocol work?

With a Proof-of-Stake consensus method, Binance Smart Chain achieves block times of under three seconds. For example, participants stake BNB to become validators in a process known as Proof of Staked Authority (or PoSA). They will be compensated with transaction fees from the transactions contained in the block if it is proposed.

Because BNB is not inflationary, it should be noted that, in contrast to many protocols, there is no block subsidy of newly created BNB. On the other hand, because the Binance team often conducts coin burns, the quantity of BNB gradually diminishes over time.

The Binance Smart Chain protocol is a developer's dream come true. It allows them to create their own blockchain platforms that are powered by BNB, the native token of the Binance exchange.

## Here's how it works for developers: 

Developers can create their own smart contracts on the Binance platform and then use BNB to power them. This is a huge step forward for the blockchain world, as it opens up a whole new level of flexibility and customisability for developers.

And it's not just developers who can benefit from the Binance Smart Chain protocol—businesses can also use it to create their own blockchain platforms. This allows them to bypass the need for expensive and time-consuming custom development, which is great news for small businesses who want to get in on the blockchain action without breaking the bank.

The Binance team has created an incredible platform that's opened up a whole world of possibilities for developers and businesses alike.

## What is a BNB coin?

Binance Coin (BNB) is the trading token for the Binance cryptocurrency exchange. It was initially introduced on the [Ethereum](/coins/eth) blockchain before moving to the Binance Smart Chain, currently known as the BNB Chain.

## Current BNB price

As for the current BNB price, it's hovering around $318.27 and has an estimated market cap of $ 51.35B. BNB has increased by 5.99 percent during the past 24 hours. It has a USD 161.34 million circulating supply. 


Latest Moni

BNB News

Read the latest BNB news.