Venus Protocol Faces $3.7M Loss from Supply Cap Attack
- Venus Protocol detected suspicious trading activity in the liquidity pool for the Thena (THE) token.
- The attack involved accumulating about 84% of the total THE market cap and executing a lending attack.
- The exploiter borrowed approximately $3.7 million worth of assets, including 2,801 BNB, 20 Bitcoin (BTC), and 1.58 million USDC.
- In response, Venus paused all borrows and withdrawals for THE to prevent further misuse.
- As of publication, THE was trading at $0.2255, down over 17% in the last day.
This incident underscores ongoing cybersecurity threats in the DeFi space as platforms face increasingly sophisticated attacks that lead to significant financial losses.
The total loss from this supply cap attack is reported at over $3.7 million, highlighting vulnerabilities within decentralized finance systems.(Source)
