Venus Protocol went into liquidation due to a $150 million BNB position owned by a hacker.
The decline in the crypto market has put Venus Protocol, which operates on BNB Chain, in jeopardy. BNB Chain had been hacked in the past months. The hacker had carried out a multimillion-dollar attack on the network and used these assets. The hacker invested the 900,000 BNB he stole in Venus Protocol, obtaining a $150 million stablecoin loan.
The $150 million loan that Hacker used on Venus Protocol put the project team in trouble during the market crash. In Venus Protocol, which is in the liquidation process, the rescue work of the project team continues. In addition, BNB Chain announced that it will provide support for Venus Protocol in case of possible liquidation.
Venus Protocol Finds Support From BNB Chain
Venus Protocol, which provides services in the crypto loan field on BNB Chain, is going through difficult days. The user-sourced Venus Protocol, which performed a major hack on BNB Chain last October, is in danger of liquidation.
Venus Protocol has been in trouble due to the $150 million loan used by the BNB Hacker on the platform. The project team began to look for ways to circumvent this situation. In addition, the BNB Chain team announced that it will take over the position if Venus Protocol enters liquidation.
The $150 million loan transaction created by Hacker has reached the liquidation level. If the BNB price drops to $220, the liquidation process will begin. However, the fact that BNB Chain will take over the position has relieved the project team to some extent.
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