Reports indicate that Venus Protocol, a decentralized lending protocol based on the BNB Chain, may have suffered a flash loan attack.
On-chain data shows that the attacker used a large amount of THE tokens as collateral to borrow various assets from the protocol, profiting millions of dollars.
Community sources say that the attacker, using address 0x1a35…6231, deposited a large amount of THE tokens on Venus Protocol as collateral and borrowed CAKE, BTCB, and BNB. After the transaction, the attacker's wallet allegedly held approximately 20 BTC, 1.5 million CAKE, and approximately 200 BNB. The total value of these assets is estimated to be over $3.7 million.
Following the incident, most of the THE tokens used as collateral were liquidated.
Current data shows that approximately 42 million THE tokens are awaiting liquidation, with an estimated market value of approximately $14 million. The liquidation process is still ongoing.