Venus Money Market Hit by Exploit, Losing $2.15M
Bitcoin & Crypto News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Venus, a significant money market on the BNB Chain, suffered a major exploit, causing its governance token, XVS, to drop over nine percent. The attacker exploited the THE token market, borrowing assets, buying more THE in a low-volume market, and then dumping it, resulting in a seventeen percent price plunge and liquidations. The exploiter made off with three to five million dollars in tokenized bitcoin, BNB, and stablecoins. The damage was mostly contained in the THE pool, with some spillover to CAKE. Venus responded by pausing THE borrows and withdrawals, dropping its collateral factor to zero, and adding safeguards to at-risk markets. The community had flagged the attackers wallet earlier, but Venus held off due to its decentralized nature. Governance holders now face a vote on using the risk fund to cover the loss, all amidst a broader crypto market dip.
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