Fears of $27M Venus Protocol hack turn out to be phishing attack on power user
Alarm bells rang across the decentralized finance (DeFi) community this morning, following suspicious withdrawals from Venus Protocol, the top lending platform on Binance’s BNB Chain. In what was initially thought to be an eight-figure hack, the transaction was flagged by Defimon Alerts, a Telegram channel that monitors suspicious movements across the DeFi sector. However, further inspection from blockchain security experts revealed that the losses came from an individual user who had fallen victim to a phishing attack. The “whale” user had signed a malicious delegation transaction, granting the attacker’s contract control over their deposited funds. #PeckShieldAlert A user of @VenusProtocol has been drained ~$27M in crypto after falling for a #phishing scam. The victim approved a malicious transaction, granting token approval to the attacker's address (0x7fd8…202a) for asset transfer. pic.twitter.com/NwkVlDxxOZ — PeckShieldAlert (@Pec...