BNB Bridge Hackers: Venus Community’s Swift Action Boosts Stability Amid BNB Price Fluctuations
Key Points:
- Falling BNB price triggers concern as BNB Bridge hackers’ loan health factor on Venus drops to 0.99, prompting the Venus community to approve previous hack-related position liquidation.
- BNB Chain and Venus Protocol collaborate to manage hackers’ debt after unconventional deposit and loans, with liquidation efforts recovering stolen BNB and addressing over $124 million in debt amid fluctuating BNB price.
BNB Bridge hackers’ loan health factor alert on Venus amid falling BNB Price
As the price of Binance Coin (BNB) plummeted below $210, early warning monitoring by Paidun revealed a concerning development: the BNB Bridge hackers’ loan health factor on Venus sank to 0.99. The Venus community responded by passing a governance proposal to greenlight the liquidation of positions linked to previous BNB Bridge hacks.
In a recent turn of events, BNB Chain initiated liquidation actions against accounts associated with the BNB Bridge hackers. These hackers had exploited vulnerabilities last year to steal 2 million BNB tokens from BNB Chain’s Token Hub.
Unconventionally, they opted to deposit 900,000 BNB and secure loans of nearly $150 million in stablecoins via the Venus Protocol. Remarkably, the hackers maintained this position for nearly a year without interacting with the Venus contract.
Before liquidation commenced, the hackers’ accounts held a substantial $204.1 million in BNB on Venus. To address this complex scenario, the BNB Chain core team proposed that the Venus management department take over the hackers’ debt.
This initiative involved transferring $60 million to the BNB Bridge hacker liquidation account. As the price of BNB dipped below $220, triggering a liquidation state, the team initiated multiple transactions to liquidate $30 million in debt. Consequently, 146,150 stolen BNB were reclaimed, with a remaining debt of over $124 million.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Chubbi
Coincu News
Author
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BNB Bridge Hackers: Venus Community’s Swift Action Boosts Stability Amid BNB Price Fluctuations
Key Points:
- Falling BNB price triggers concern as BNB Bridge hackers’ loan health factor on Venus drops to 0.99, prompting the Venus community to approve previous hack-related position liquidation.
- BNB Chain and Venus Protocol collaborate to manage hackers’ debt after unconventional deposit and loans, with liquidation efforts recovering stolen BNB and addressing over $124 million in debt amid fluctuating BNB price.
BNB Bridge hackers’ loan health factor alert on Venus amid falling BNB Price
As the price of Binance Coin (BNB) plummeted below $210, early warning monitoring by Paidun revealed a concerning development: the BNB Bridge hackers’ loan health factor on Venus sank to 0.99. The Venus community responded by passing a governance proposal to greenlight the liquidation of positions linked to previous BNB Bridge hacks.
In a recent turn of events, BNB Chain initiated liquidation actions against accounts associated with the BNB Bridge hackers. These hackers had exploited vulnerabilities last year to steal 2 million BNB tokens from BNB Chain’s Token Hub.
Unconventionally, they opted to deposit 900,000 BNB and secure loans of nearly $150 million in stablecoins via the Venus Protocol. Remarkably, the hackers maintained this position for nearly a year without interacting with the Venus contract.
Before liquidation commenced, the hackers’ accounts held a substantial $204.1 million in BNB on Venus. To address this complex scenario, the BNB Chain core team proposed that the Venus management department take over the hackers’ debt.
This initiative involved transferring $60 million to the BNB Bridge hacker liquidation account. As the price of BNB dipped below $220, triggering a liquidation state, the team initiated multiple transactions to liquidate $30 million in debt. Consequently, 146,150 stolen BNB were reclaimed, with a remaining debt of over $124 million.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Chubbi
Coincu News
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