Venus Protocol exploited for $3.7M through supply cap manipulation: On-chain analysis

Share This Post

A threat actor bypassed Venus Protocol’s supply caps using Thena tokens to borrow multiple assets in what analysts suspect was a flash loan or price manipulation attack on BNB Chain.

Venus Protocol on BNB Chain has been hit with a $3.7 million exploit involving manipulation of the platform’s supply cap mechanisms. According to on-chain data, the threat actor used Thena (THE) tokens to bypass maximum supply restrictions and borrow several different digital assets from the protocol.

Analysts suspect the attack leveraged either flash loan tactics or price manipulation to artificially inflate the collateral’s value. Following the incident, Venus Protocol suspended borrowing and withdrawal functions for the THE token as a precautionary measure, though other markets on the platform remained unaffected.

Sources: Cointelegraph

This article was generated automatically by The Defiant’s AI news system from publicly available sources.

Related Posts

Ether, XRP flat as chip stocks steady on Samsung’s 250-fold profit surge

Crypto's largest tokens were close to unchanged on Thursday...

As crypto perpetual futures boom, Ethereum’s role is shifting

For years, Ethereum has been synonymous with decentralized finance....

US Prosecutors Propose Changes to CLARITY as Voting Window Narrows: Report

Organizations representing law enforcement officials in the US have...

Robinhood (HOOD) slides 4% as crypto revenue sharply fell

Robinhood (HOOD) topped Wall Street's second-quarter expectations, but shares...