A user of the Venus Protocol, a decentralized lending and stablecoin issuance platform on the BNB Chain, has lost approximately $27 million in crypto assets due to a phishing attack, according to blockchain security firm PeckShield.
The incident occurred when the user unknowingly signed a malicious transaction, granting the attacker permission to control their funds.
On-chain data reveals that the attacker gained transfer rights newborns permission to the user’s assets, which were subsequently drained from the wallet. The stolen assets included vUSDT, vUSDC, wrapped XRP, and ETH. In response, Venus Protocol temporarily suspended its operations as a precautionary measure while the incident is under investigation.
Initial reports of a potential hack of the Venus Protocol itself caused a 10% drop in the price of its native XVS token. However, the platform clarified that the attack targeted an individual user, not the protocol’s infrastructure.
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Venus Protocol enables users to earn interest and borrow against crypto collateral. This high-profile incident underscores the importance of vigilance in securing private keys and verifying transactions to prevent phishing scams in the DeFi space.
