Venus Protocol Confronts BNB Liquidation Risk Amid Price Slide
BNB Bridge Attacker Health Falls Below 1 The Venus community, having previously encountered such situations, had successfully navigated a similar challenge by passing a governance proposal to whitelist the liquidation of the BNB Bridge exploiter’s position. The current scenario resonates with history, as the health of the exploiter’s address (0x48…9bec) dips below 1 once again, triggering the risk of liquidation. This address bears 784,616.10 BNB in collateral and holds a substantial debt position of 124 million USDT+USDC. advertisement The BNB Bridge hack in October 2022, which established itself as one of the most major exploits in crypto and DeFi history and netted over $593 million in BNB , set the stage for this dire situation. The hacker used 900,000 BNB worth $200 million on Venus as collateral to borrow stablecoins worth $150 million in the aftermath in an attempt to launder illicit proceeds. Despite this incident, the Venus protocol...