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 <h2 id="bnb-bridge-attacker-health-falls-below-1">BNB Bridge Attacker Health Falls Below 1</h2> 
 <p>The Venus community, having previously encountered such situations, had successfully navigated a similar challenge by passing a governance proposal to whitelist the liquidation of the <a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a> Bridge exploiter’s position. The current scenario resonates with history, as the health of the exploiter’s address (0x48…9bec) dips below 1 once again, triggering the risk of liquidation. This address bears 784,616.10 <a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a> in collateral and holds a substantial debt position of 124 million USDT+USDC.</p>  
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 <p>The <a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a> Bridge hack in October 2022, which established itself as one of the most major exploits in crypto and DeFi history and netted over $593 million in <a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a>, set the stage for this dire situation. The hacker used 900,000 <a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a> worth $200 million on Venus as collateral to borrow stablecoins worth $150 million in the aftermath in an attempt to launder illicit proceeds.</p> 
 <p>Despite this incident, the Venus protocol continues to be a strong force in the DeFi ecosystem. It now ranks as the second-largest DeFi protocol on the Binance Smart Chain and has over $600 million in total value locked (TVL).</p>  
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 <p>Also Read: Whales Buying Shiba Inu Amid Shibarium Restart, SHIB Price To Rally?</p>  
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 <h2 id="a-rel-noopener-noreferrer-nofollow-title-bnb-href-https-thebittimes-com-tag-bnb-html-bnb-a-price-continues-downfall-high-risk-of-liquidation"><a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a> Price Continues Downfall, High Risk Of Liquidation</h2> 
 <p>In light of this complex story, the price of <a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a> price has fallen below $220 and is currently trading at $208.89, representing a decline of almost 4% over the last week. The possible effects of <a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a>’s continued price decrease and the upcoming liquidation of the exploiter’s collateral come into focus as the scenario develops.</p> 
 <p><img decoding="async" class="aligncenter size-full wp-image-157264" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20664%20462'%3E%3C/svg%3E" alt="BNB Chart" width="664" height="462" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2023/08/21190506/BNB-Chart.png"> 
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   <img decoding="async" class="aligncenter size-full wp-image-157264" src="https://cdn.coingape.com/wp-content/uploads/2023/08/21190506/BNB-Chart.png" alt="BNB Chart" width="664" height="462"> 
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 <p>This example exemplifies the complicated interconnections between numerous smart contract networks with varying degrees of centralization. As a preventative strategy, <a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a> Chain’s proactive approach to resolving vulnerabilities helps to mitigate the effects of a future liquidation crisis. This situation emphasizes the difficult balance between security and market volatility as the DeFi landscape changes, necessitating risk management strategies to be re-evaluated.</p> 
 <p>Also Read: BTC Price Dips Target $20k, Last Opportunity Before the Bull Run?</p> 
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Venus Protocol Confronts BNB Liquidation Risk Amid Price Slide

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TheBitTimes

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