Venus Protocol Denies Allegations of Security Breach
Venus Protocol, a well-known lending market on the BNB Chain, has refuted claims of a major security breach that circulated over the past weekend. The allegations initially suggested a potential $54 billion exploit, as reported by blockchain security firm SlowMist.
Brad Harrison Addresses Concerns
Brad Harrison, the Head of Venus Labs, took to X on December 10 to address these concerns and provide clarification. According to Harrison, the only reported issue was related to the Binance Oracle supporting the asset of snBNB in an isolated pool. This resulted in approximately $200k of borrows. He emphasized that there were no issues with the core pool or any other aspect of Venus Protocol’s operations.
Venus Protocol’s Token Experiences a 12% Crash
Despite the denial of any major exploit, Venus Protocol’s token witnessed a significant drop of over 12% amidst these allegations. The market reacted swiftly to the news, causing a temporary decline in the token’s value.
Hot Take: Venus Protocol Refutes Claims and Maintains Stability
Venus Protocol has strongly refuted the allegations of a major security breach and reassured its users that there were no issues with the core pool or other critical aspects. While the token experienced a temporary crash, it is important to note that Venus Protocol has taken swift action to address the concerns and maintain stability in its lending market on the BNB Chain.
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