DeFi protocol Venus seeks to patch $270K hole from oracle incident
The DeFi lending and borrowing protocol has confirmed it was affected by a malfunctioning Binance price oracle but confirmed user funds were safe.
Decentralized finance protocol Venus has confirmed it was impacted by an issue with one of its price feed oracles resulting in borrows totaling around $270,000 on Dec. 11, but has downplayed the incident from being an “exploit” as described by analysts, and also vowed to replace funds from the treasury.
On Dec. 10, reports started emerging that the Binance Chain-based decentralized lending and borrowing marketplace had been affected by a malfunctioning price oracle.
X user ‘@SaulCapital’ alerted followers that the “isolated pool on Venus Protocol for liquid staked BNB got exploited.”
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Author: Martin Young
