A crypto wallet connected to the October 2022 BNB Chain $600 million exploit has lost roughly $63 million on the decentralized lending platform Venus Protocol due to liquidation that resulted from the massive bloodbath in the market yesterday.by blockchain security firm PeckShield, the exploiter’s wallet was first liquidated of 1.1 million Venus BNB worth around $9.9 million with the asset’s price as $9.4. The second liquidation was approximately 5.6 million vBNB worth $52.3 million.
To contain the situation, BNB Chain and Venus passed a proposal in November that authorized only the core team to liquidate the exploiter’s position. To that effect, the duo whitelisted a wallet, exclusively permitting it to implement the liquidation in a manner that would prevent a shortfall on Venus and provide additional support during the process.with $30 million in USDT in preparation for the liquidation as BNB continued to plummet amid legal issues between the U.S.
“Following today’s market movement, the BNB Bridge exploiter account was made healthy as promised by @BNBCHAIN using whitelisted liquidation without any resulting shortfall or further impact to $bnb,” the Venus team
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Source: Cointelegraph - 🏆 562. / 51 Read more »