Venus Protocol Hit by Code Exploit, Causing Over $3.7 Million In Losses
Cointelegraph
Venus Protocol suffered a $3.7 million loss due to a supply cap code exploit targeting THE and CAKE token pools.Summary
Venus Protocol, a decentralized lending platform, detected suspicious trading activity in its liquidity pools for the Thena (THE) and PancakeSwap's Cake (CAKE) tokens. The incident is suspected to be a two-phase supply cap attack where the exploiter accumulated about 84% of the total THE token market cap and then used it as collateral to borrow significant amounts of CAKE, USDC, BNB, and BTC. In response, Venus paused all THE borrows and withdrawals as a precautionary measure. The total loss from the attack is estimated to be over $3.7 million. This event underscores the persistent cybersecurity threats facing the growing DeFi sector.
(Source：Cointelegraph)