As a result of the hack in the BNB Chain ecosystem last year, $ 62.5 million was liquidated in Venus Protocol.
The hack that took place in the BNB Chain ecosystem last year attracted a lot of attention on an industry basis. However, the information accessed continues to emerge today.
Venus Protocol liquidates $62.5M in BNB Chain bridge hack
Venus Protocol, a decentralized crypto lending platform belonging to the BNB Chain ecosystem, liquidated a wallet linked to a bridge hack last year. This liquidation involved a total of $62.5 million in crypto assets in two different transactions.
According to security firm PeckShield, Venus Protocol performed this purge, neutralizing a wallet on BNB Chain. In the statement made by the protocol, it was stated that after the liquidation, no negative effects or deficiencies were seen on BNB Chain.
The origin of this event is based on a malicious attack on the BNB Chain bridge last year. A hacker stole a large amount of crypto assets from the BNB Chain bridge in this attack. Later, the attacker deposited BNB tokens into the Venus lending protocol to borrow $150 million worth of stablecoins.
As a result of the abuse last year, falling crypto prices lowered the health rate of this collateralized loan position, which brought it closer to liquidation. The Venus team collaborated with the BNB core team to carry out manual liquidations and tried to prevent large amounts of BNB from being automatically liquidated and sold on the market.
According to the details that the attacker manipulated the security evidence in the bridge hack, the attacker used the vulnerability in the BNB Chain bridge to steal crypto assets. This vulnerability allowed the attacker to print 2 million BNB tokens, resulting in a total of $560 million in assets.
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