BNB Chain Cracker's Collateral Assets Near Liquidation on Venus
Date: 2023-06-13 Categories: IN WORLD
Last year, a BSC Token Hub exploit led to a double-spending attack. After that, he deposited the received funds into the Venus lending protocol to open positions in the amount of $147 million in USDT and USDC stablecoins.
The developers had to stop the blockchain to fix the vulnerability and conduct a hard fork. As a result, the hacker managed to withdraw digital assets for about $100 million, the rest of the funds were blocked in the contract.
BNB Chain submitted a proposal in November to whitelist the hacker's position for elimination, according to a Venus Protocol statement. The community accepted the initiative by a majority vote.
The chain's management has pledged to bear the costs if an open deal approaches the forced closure threshold. The BNB Chain team initially funded a $30 million position.
At the time of writing, the "health rating" of the burglar's collateral is at 1.06, according to DeBank data. When the indicator drops to one, the position is automatically liquidated by the protocol.
The collateral volume began to decline along with the fall in the BNB price. Since October 2022, the price of the asset has fallen from its highs of $354 to $233.
