Venus Lack of Liquidity: $145.00M Reported Loss
On the evening of May 18, the BSC-based DeFi lending platform Venus token XVS was doubled by the giant whale.
- Reported loss
- $ 145,000,000
- Attack category
- Lack of Liquidity
Incident Overview
After that, XVS was used as collateral to borrow and transfer BTC and ETH worth hundreds of millions of dollars. Since then, the price of collateral XVS is large. It fell and faced liquidation, but due to insufficient liquidity in the XVS market, the system failed to liquidate in time, resulting in a huge shortfall of hundreds of millions of dollars in Venus. On the 30th, Venus officially released an article that disclosed the process and results of the incident. The survey showed that the liquidator made a profit of about 20 million U.S. dollars, and the seller made a profit of about 55 million U.S. dollars; the "scalper" made a profit of about 2 million U.S. dollars; the 0xef044 address account had a net loss of about 66 million U.S. dollars. Secondly, its address attribution is based on the Swipe escrow address used on Binance, so there is no insider trading. The agreement lost approximately $77 million due to market fluctuations. VGP will recover approximately US$77 million from the distribution fund, and formulate a community recovery plan for XVS holders and others in the form of airdrops from the distribution fund and agreement income.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.