Venus (XVS) slid about 9% after an attacker manipulated THE token, driving its price down ~17% and triggering cascading liquidations that left the protocol with bad debt. Estimated attacker profits are $3.7–$5.8 million.
Venus Protocol is investigating after an address allegedly used illiquid $THE as collateral to withdraw roughly $3.7 million in assets just before large-scale liquidations. The suspected exploit raises fresh questions about collateral valuation and risk controls on BNB Chain.
Binance has added DeFi lending to its self-custody wallet via a partnership with Venus Protocol, enabling XVS-based loans. The move follows an institutional lending rollout that offered up to 4x leverage and zero-interest terms for select clients.