Venus Protocol User Loses $13.5M to a Suspected Phishing Scam on BNB Chain
A Venus Protocol consumer has misplaced $13.5 million to a suspected phishing rip-off that occurred by the BNB Chain native cash market.
Based on a PeckShield Security alert, the sufferer authorised a malicious transaction and granted token approval to the attacker’s handle (0x7fd8…202a), which facilitated the asset switch.
PeckShield initially reported $27 million in property drained, however later discovered the precise determine was roughly $13.5 million, because the preliminary estimates didn’t exclude the attacker’s debt place.
The stolen property are nonetheless held within the hacker’s pockets handle and haven’t been transformed to different tokens or made any transfer in the direction of cashing out.
Venus Protocol Confirms: “Person Attacked, Sensible Contract Secure”
Venus Protocol’s official X account broke its silence and instructed the neighborhood that they’re actively investigating the suspicious transaction.
Based on the statement, “Venus is at the moment paused following safety protocols. We are going to maintain you all up to date as quickly as we all know extra.“
Minutes later, the protocol confirmed that Venus Protocol has NOT been exploited, however a consumer of the protocol was attacked, that means the consumer fell sufferer to a phishing assault whereas Venus’ good contract was not compromised.
The Venus native governance token XVS sharply fell by over 5% following information of the assault and has barely recovered to $6.01 at press time.
The token has misplaced most of its worth since launching round $2.07 in 2020, now down 95.9% after reaching a peak of $147.02 in Might 2021.
Venus features as a DeFi cash market that simplifies borrowing, lending, and minting stablecoins on the BNB Chain.
Based on data from DefiLlama, Venus Protocol boasts over $1.86 billion in complete worth locked (TVL) on its DeFi platform, down from over $6.5 billion TVL at its peak in 2021, making it a core a part of BNB Chain’s DeFi ecosystem.
In terms of charges generated on Binance Sensible Chain (previously BNB Chain), Venus Protocol generates the second-most cumulative charges of over $137 million, solely bettered by PancakeSwap with over $3.2 billion.
BNB Chain’s Safety Streak Damaged After Months of Quiet
With the Venus Protocol incident, now confirmed, it marks the primary main assault on BNB Chain in a while, except for the liquidity manipulation that occurred in March with 4.Meme, a preferred meme token launch platform on Binance’s BNB Chain.
CertiK’s evaluation revealed that the 4.Meme attacker leveraged a technique referred to as a sandwich assault to finally siphon roughly 125 BNB ($80,000).
The one different main assaults on BNB Chain date again over two years, together with the notorious Binance hack in 2022, which noticed over two million BNB tokens value over $570 million stolen.
In 2024, Bankroll Standing, a BNB Chain-based decentralized finance (DeFi) platform, suffered a major breach leading to a $230,000 loss.
The hacking techniques appeared to comply with the identical sample utilized in earlier DualPools assaults.
Based on a latest joint report from BNB Chain and Hacken, a trusted blockchain safety auditor, there was a 70% drop in losses from $161 million in 2023 to $47 million in 2024.
Supply: Hacken
Equally, complete monetary losses on BNB Chain as a consequence of safety incidents are down 87% year-over-year to $9.2 million.
Q2 2024 reported 35 safety incidents, a major lower from the 115 incidents recorded in Q1 2023.
This decline primarily resulted from BNB Chain’s enhanced security measures and fixed efforts to safeguard its ecosystem.
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