Beware: A Cryptocurrency Platform Has Been Hacked, and the Price of an Altcoin Has Plummeted

It has been suggested that Venus Protocol, a decentralized lending protocol operating on $BNB Chain, may have been subjected to a flash loan attack.

On-chain data shows that the attacker borrowed various assets from the protocol using a large amount of THE tokens as collateral, thereby making millions of dollars in profit.

According to community sources, the attacker used the address 0x1a35…6231 to collateralize a large amount of THE tokens on Venus Protocol and borrowed $CAKE, BTCB, and $BNB in return. As a result of these transactions, the attacker’s wallet reportedly contains approximately 20 $BTC, 1.5 million $CAKE, and around 200 $BNB. The total value of these assets is estimated to be over $3.7 million.

Following the incident, a large portion of the THE tokens used as collateral were liquidated.

According to current data, approximately 42 million THE tokens are awaiting liquidation. This amount is estimated to have a market value of around $14 million, and liquidation processes are reportedly still ongoing.

A graph showing the rise and fall in the price of THE.

*This is not investment advice.