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Venus Protocol’s Token Crashes Over 12% Amidst Exploit Claims

Venus Protocol, a prominent lending market on the BNB Chain, has denied allegations of a major security breach over the past weekend. These speculations initially suggested a $54 billion exploit, as blockchain security firm SlowMist reported. Brad Harrison, the Head of Venus Labs, addressed these concerns on December 10 through a post on X. He clarified that the incident was not an exploit of Venus Protocol but rather a misreporting of prices by Binance Oracle, a decentralized application instrumental in providing external data to smart contracts. This error led to approximately $200,000 in unwarranted borrows, a figure markedly lower than the rumored billions.

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