The decentralized lending platform, Venus Protocol, has announced the launch of positions in the wallet that are related to the recent breach of the BSC token Hub bridge. The hacker responsible for the attack on BNB CHIN reportedly lost over $53 million according to The Block.
Last week, the price of BNB dropped below $210, resulting in the attacker losing $52.3 million. The BNB Chain team took action to close the position by manually liquidating it in order to minimize the impact of margin requirements on the network. The lack of liquidity posed a risk to the stability of the BNB price and the entire crypto industry.
In a statement, the Venus Protocol stated, “After today’s market activity, the BNB Bridge attacker account has been restored as promised by BNB Chain. The restoration was done using the liquidation white list, ensuring no further losses or impact on BNB.”
Last October, the hacker exploited the BSC Token Hub bridge, which connects the BEP2 and Binance Smart Chain (BSC) networks. The attacker transferred around 2 million Binance Coin (BNB), valued at approximately $570 million at the time.
Subsequently, the hacker invested 920,000 BNB in Venus, a decentralized financial protocol, and used this asset as collateral for a USDT loan worth $150 million.