Crypto News – A problem with one of its price feed oracles affected DeFi protocol Venus, which acknowledged on December 11 that borrows totaling about $270,000 had occurred. Still, it has been denied that the event was an exploit, as analysts have claimed and promised to replenish treasury cash.
DeFi Protocol Venus Confirms Oracle Failure and Starts Recovering $270K Loss
The Venus Protocol‘s isolated pool for liquid-staked BNB was compromised, as X user SaulCapital informed followers.
The suspect wallet address linked to by him contained little less than $260,000. NoOneVII, the Venus Protocol envoy, retorted that it seemed to be an Oracle pricing problem happening in a small, isolated market.
Venus Core Pool and other Pools are completely separate from each other and are not affected by this,
NoOneVII
Venus Head Also Confirms Error
Brad, the head of Venus Labs, further verified that an incorrect price was given by the Binance oracle, which backs the snBNB asset in the isolated pool, resulting in borrows totaling roughly $200,000. The Venus Protocol announced on December 11 that it would provide further information soon.
The $snBNB price feed is back to normal, Core Pool and other markets are unaffected. Funds are SAFU.
Venus Protocol
It further stated that while monies from the pool are being retrieved with partners’ assistance, the Venus community would propose to immediately deposit $274K in liquidity from the treasury into the impacted pool.
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