The threat actor manipulated the platform by using Thena tokens to bypass the maximum supply cap and borrow several different digital assets. Venus Protocol, a decentralized lending and borrowing platform, said on Sunday it had detected suspicious trading activity in the liquidity pool for the Thena (THE) token, the native cryptocurrency of the Thena decentralized finance platform. The unusual trading activity only affected pools for the Cake (CAKE) token, the native cryptocurrency of the PancakeSwap decentralized exchange, and the Thena token, according to an announcement from Venus Protocol. The Venus team said: The suspicious trading activity is suspected to be a supply cap attack that was executed in two phases: a steady accumulation of about 84% of the total THE token market cap, coupled with a lending attack, according Allez Labs, which was identified by Venus Protocol as its risk manager. The Venus exploiter used the Theta token as collateral to borrow 6.67 million CAKE tokens, 1.58 million USDC (USDC)...
Victim Kuan Sun praised Venus and partners after $13.5M recovery, calling it “a battle we actually won” through joint efforts. Decentralized finance (DeFi) lending platform Venus Protocol helped a user recover stolen crypto following a phishing attack tied to North Korea’s Lazarus Group. On Thursday, Venus Protocol announced that it had helped a user recover $13.5 million in crypto after the phishing incident that occurred on Tuesday. At the time, Venus Protocol paused the platform as a precautionary measure and began investigating. According to Venus, the pause halted further fund movement, while audits confirmed Venus’ smart contracts and front end were uncompromised. Read more