Technology

Collapse of Luna cryptocurrency leads to $11 million exploit on Venus Protocol

Venus Protocol, a decentralized money market, announced on Thursday evening that about $11 million had been lost due to people exploiting the historic collapse of the Luna cryptocurrency and its sister stablecoin UST. The team behind the Venus Protocol released a statement confirming suspicions that had been floating around for hours about the potential mishandling of the fiasco around Luna. “Today, we became aware of errant price behavior for LUNA on Venus Protocol. Upon investigation, it was learned that the price feed had been paused by Chainlink due to extreme market conditions,” Venus Protocol explained. “The price on Venus was last listed at about $0.107 while the market price was $0.01. In order to de-risk this situation, the protocol was paused using PauseGuardian via multisig. Upon this desyncing event, it was discovered that 2 accounts had suspiciously deposited a sum of 230,000,000 LUNA valued at over $24,000,000. Assets were borrowed totalling around $13,500,000.”

Full story : Collapse of Luna cryptocurrency leads to $11 million exploit on Venus Protocol.

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