News

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

Chubbi

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

3 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.