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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.

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Coincu News

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