Million

Venus

Venus BNB

Coin

<div class="watcher-guru"> 
 <p><a rel="noopener noreferrer nofollow" title="Venus Protocol" href="https://thebittimes.com/tag/venus-protocol.html">Venus Protocol</a> has liquidated over $30 million worth of collateral from a notorious wallet that had borrowed large sums of stablecoins from the lending platform. The liquidation comes as the BNB chain’s native token, BNB, fell to around $209 on Monday morning.</p> 
 <p>Approximately 6.89 million Venus BNB (vBNB) tokens have been forcefully sold off. This is in line with a governance vote by BNB developers back in November 2022. This type of liquidation occurs when a highly leveraged position drops below a required margin threshold. It can be do to multiple reasons, but likely to declining asset prices.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">#PeckShieldAlert The #BNBBridge Exploiter's position has been liquidated for ~6.89M $vBNB. The liquidator has repaid 30M $USDT. pic.twitter.com/yokVbIGuS3</p> 
    <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
     <div class="publift-ad add"> 
      <div data-fuse="22560828227"></div> 
     </div> 
    </div> — PeckShieldAlert (@PeckShieldAlert) August 21, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <h2 class="wp-block-heading" id="h-recent-30-million-liquidation-follows-a-60-million-liquidation">Recent $30 million liquidation follows a $60 million liquidation</h2> 
 <p>Monday’s $30 million liquidation follows a similar $60 million liquidation across two transactions last week. Together, these enforcement actions have clawed back a substantial portion of funds borrowed by a wallet that had accumulated over $150 million in stablecoins from <a rel="noopener noreferrer nofollow" title="Venus Protocol" href="https://thebittimes.com/tag/venus-protocol.html">Venus Protocol</a> by exploiting a loophole.</p> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p>A recent alert by blockchain security firm PeckShield revealed the liquidation of a crypto wallet containing over $63 million worth of collateral on the lending platform <a rel="noopener noreferrer nofollow" title="Venus Protocol" href="https://thebittimes.com/tag/venus-protocol.html">Venus Protocol</a>. Additionally, PeckShield reported that $10.4 million was first liquidated. Soon after an additional $53.2 million worth of collateral from the same wallet was liquidated.</p> 
 <p>The wallet in focus was linked to a significant acquisition of Binance Coin (BNB) in October 2021. The individual involved in this incident had utilized the stolen BNB as security to secure a $30 million Tether loan from <a rel="noopener noreferrer nofollow" title="Venus Protocol" href="https://thebittimes.com/tag/venus-protocol.html">Venus Protocol</a>.</p> 
 <p>As BNB’s price dipped under $220 recently, it triggered the automatic liquidation of the hacker’s collateral positions. BNB is currently trading at $211, with a 3% drop in value over the last 24 hours.</p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>BNB Chain</li> 
  <li>Venus Protocol</li> 
 </ul> 
</div>

BNB Chain Hacker Loses $30 Million In Liquidation

Table of Contents

TheBitTimes

Other articles published on Aug 21, 2023

Titan Settles with SEC for $1m Over Misleading Crypto Disclosures!

Web3×LLM On-Chain Contract Analysis Tool "DeCipher" Sparks Excitement Among Developers and Resear...

Glow token founder sues Crypto.com after falling victim to scam

Visa Trial Ethereum Gas Payments via Cards, ETH Price Reacts Pomerdoge Receives Mass Appeal As Pr...

As Shiba Inu (SHIB) Dogecoin (DOGE) Waver, Pomerdoge (DOGE)'s Presale Becomes the New Memecoin Ma...

Bitcoin could be entering Argentina despite IMF

Join our free newsletter for daily crypto updates!