Close Menu
  • Crypto News
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Trending

EU approves 53 crypto firms under MiCA framework

July 8, 2025

Dubai approves first tokenized money market fund backed by QNB and DMZ Finance

July 8, 2025

Pi Network (PI) Crashes by 70% in 2 Months: Is There Any Hope Left?

July 8, 2025

Bitcoin Traders Chase $130K Bets in Anticipation of Renewed Bullish Volatility

July 8, 2025

Ethereum (ETH) Price Prediction for July 9

July 8, 2025
Facebook X (Twitter) Instagram
  • Advertise
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianoru Русскийes Españolzh-CN 简体中文hi हिन्दीja 日本語
Crypto Observer
  • Crypto News

    Pi Network (PI) Crashes by 70% in 2 Months: Is There Any Hope Left?

    July 8, 2025

    2025’s Biggest Bitcoin Bull Trigger Is Still Hidden, Expert Reveals

    July 8, 2025

    Bitcoin Price Analysis: BTC at Risk of Pullback as New ATH Hopes Diminish

    July 8, 2025

    50% Bitcoin Price Crash On The Horizon? Analyst Reveals $60,000 Target

    July 8, 2025

    HYPE Plunges by 5% as BTC Price Slips Back to $108K: Market Watch

    July 8, 2025
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi
Facebook X (Twitter) Instagram
Crypto Observer
Home » Crypto News » Venus Protocol’s Token Crashes Over 12% Amidst Exploit Claims
Crypto News

Venus Protocol’s Token Crashes Over 12% Amidst Exploit Claims

Crypto Observer StaffBy Crypto Observer StaffDecember 11, 2023No Comments3 Mins Read
Facebook Twitter Pinterest Reddit Telegram Email LinkedIn Tumblr
Share
Facebook Twitter LinkedIn Pinterest Email

Venus Protocol, a prominent lending market on the BNB Chain, has denied allegations of a major security breach over the past weekend.

These speculations initially suggested a $54 billion exploit, as blockchain security firm SlowMist reported.

Venus Protocol Refutes Claims of Major Exploit

Brad Harrison, the Head of Venus Labs, addressed these concerns on December 10 through a post on X.

Some facts:

Binance Oracle, which supports the asset of snBNB in the *isolated* pool reported a wrong price resulting in about $200k of borrows. This is the only reported issue.

This user is associated with a Binance account.

There’s no issue with the core pool or otherwise.

— Brad 🫀/acc (@bradherenow) December 10, 2023

He clarified that the incident was not an exploit of Venus Protocol but rather a misreporting of prices by Binance Oracle, a decentralized application instrumental in providing external data to smart contracts. This error led to approximately $200,000 in unwarranted borrows, a figure markedly lower than the rumored billions.

Harrison reassured investors and users that the issue was isolated and no other pools within the Venus ecosystem were affected. He emphasized the team’s commitment to bolstering security, particularly in isolated pools, through enhanced support for price resilience mechanisms.

This announcement came after a post by Slow Mist, which initially alleged a loss due to an exploit in Venus Protocol.

It seems @VenusProtocol has been exploited.

Please proceed with caution! pic.twitter.com/Ufxxk4IWTW

— SlowMist (@SlowMist_Team) December 10, 2023

Further details revealed by Venus Protocol highlighted that the mispricing affected snBNB, a yield-bearing liquid-staked version of BNB, leading to a user inadvertently borrowing around $270,000 worth of assets.

Venus Protocol Takes Action Following Oracle Error

In response, Venus Protocol has temporarily paused the snBNB market and two other markets – agEUR and stkBNB – as a precautionary measure. These markets share similar configurations with the Binance Oracle.

Venus Protocol has also announced plans to infuse approximately $274,000 from its treasury into the affected pool. This will be complemented by efforts to recover funds in collaboration with partners.

Following the @chaos_labs recommendations and out of an abundance of caution due to today’s Binance Oracle price feed issue on the Isolated LST BNB Pool, the snBNB market has been temporarily paused along with 2 other *isolated* markets (agEUR, stkBNB) with similar Binance…

— Venus Protocol (@VenusProtocol) December 10, 2023

The Binance Oracle team has reportedly resolved the issue, “It is also worth mentioning that the Binance Oracle team has already identified and fixed the issue, and this is strictly a precautionary temporary measure,” they further noted.

Despite these assurances and swift action, the native token of Venus Protocol, XVS, experienced a drop in value, plunging over 12% to $9.43, according to CoinGecko data.

Venus Protocol, similar to decentralized finance platforms such as Aave and Compound, allows users to lend, borrow, and swap various cryptocurrencies.

It is a pivotal player in the DeFi space, particularly on the BNB Chain, showcasing the dynamic and responsive nature of blockchain-based financial ecosystems.



Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Pi Network (PI) Crashes by 70% in 2 Months: Is There Any Hope Left?

July 8, 2025

2025’s Biggest Bitcoin Bull Trigger Is Still Hidden, Expert Reveals

July 8, 2025

Bitcoin Price Analysis: BTC at Risk of Pullback as New ATH Hopes Diminish

July 8, 2025

50% Bitcoin Price Crash On The Horizon? Analyst Reveals $60,000 Target

July 8, 2025
Add A Comment

Leave A Reply Cancel Reply

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Top Posts

EU approves 53 crypto firms under MiCA framework

July 8, 2025

Dubai approves first tokenized money market fund backed by QNB and DMZ Finance

July 8, 2025

Pi Network (PI) Crashes by 70% in 2 Months: Is There Any Hope Left?

July 8, 2025
Advertisement
Demo

Crypto Observer is your one-stop website for the latest crypto news and updates, follow us now to get the news that matters to you.

Facebook X (Twitter) Instagram
Crypto News

2025’s Biggest Bitcoin Bull Trigger Is Still Hidden, Expert Reveals

July 8, 2025

Bitcoin Price Analysis: BTC at Risk of Pullback as New ATH Hopes Diminish

July 8, 2025

50% Bitcoin Price Crash On The Horizon? Analyst Reveals $60,000 Target

July 8, 2025
Get Informed

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Facebook X (Twitter)
  • Privacy Policy
  • Terms of use
  • Advertise with us | Publishing
  • Contact us
  • Crypto News – Press release
  • Newsletter sign up
  • Markets
  • Altcoins
  • Bitcoin
  • Crypto News
  • DeFi
  • Ethereum
  • Technology
  • Blockchain
  • AI
  • NFT
  • Thanks for joining us
© 2025 Crypto Observer. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.