Venus Protocol Suspected of $3.7M Flash-Loan Attack
Key Takeaways:Venus Protocol shows Suspicious Borrowing ActivityIlliquid Token Collateral Suspected in Price ManipulationVenus Team Investigates as Bad Debt Emerges
In a statement to the press, Venus Protocol substantiated the occurrence by stating that it had detected some abnormal activity with the $THE pool. The team suggests that the problem is currently confined to THE markets and CAKE markets, and there are no indications of a wider breach of the protocol in terms of smart contracts. Nevertheless, the platform has not shut down the entire protocol, even when the investigation continues. Early community projections indicate that Venus could now be exposed to bad debt of between $1.7 million and $2 million, most of which is the CAKE market related positions. The wallet of the suspected exploiter is still accessible on BNB Chain and assets taken as a loan can still be observed on-chain as analysts keep watching the actions. Read More: Grayscale Files for Spot BNB ETF as $118B Token Targets U.S. Public Markets
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