Venus Protocol, a decentralized lending platform, liquidated a wallet linked to last year’s BNB bridge hack.
Market impact on loan position
Since last year, the tumbling crypto prices have reduced the health rate of this overcollaterized loan position, bringing it dangerously close to its liquidation point. The Venus team, working with the BNB Chain core team, has carried out manual liquidations to prevent large amounts of BNB from being auto-liquidated and subsequently sold off on the market.
The details of last year’s exploit reveal a calculated manipulation of security proofs by the attacker. The hacker capitalized on a vulnerability related to the “iavl hash check” within the BNB bridge, and the weakness allowed the attacker to mint 2 million BNB tokens valued at $560 million at the time of the exploit.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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