Beware: A Cryptocurrency Platform Has Been Hacked, and the Price of an Altcoin Has Plummeted
It has been suggested that Venus Protocol, a decentralized lending protocol operating on BNB Chain, may have been subjected to a flash loan attack.
On-chain data shows that the attacker borrowed various assets from the protocol using a large amount of THE tokens as collateral, thereby making millions of dollars in profit.
According to community sources, the attacker used the address 0x1a35…6231 to collateralize a large amount of THE tokens on Venus Protocol and borrowed CAKE, BTCB, and BNB in return. As a result of these transactions, the attacker’s wallet reportedly contains approximately 20 BTC, 1.5 million CAKE, and around 200 BNB. The total value of these assets is estimated to be over $3.7 million.
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Following the incident, a large portion of the THE tokens used as collateral were liquidated.
According to current data, approximately 42 million THE tokens are awaiting liquidation. This amount is estimated to have a market value of around $14 million, and liquidation processes are reportedly still ongoing.
A graph showing the rise and fall in the price of THE.
*This is not investment advice.
Continue Reading: Beware: A Cryptocurrency Platform Has Been Hacked, and the Price of an Altcoin Has Plummeted
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