A user lost $13.5 million in a phishing attack carried out on a Decentralized Finance (DeFi) lending protocol on the Binance chain. A blockchain security firm reporting about this incident mistakenly reported that the user lost $27 million; however, later on, it rectified the amount to $13.5 million, considering the debt the trader owed to the protocol.
PeckShield’s post on X read, “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.”
However, later on, PeckShield corrected the amount in the same thread and stated that the stolen amount and the loss were ~$13.5M. The variance in the amount or the “initial estimates was higher as we did not exclude the debt position.”
Clarifying that Venus Protocol “has NOT been exploited, but a user has been attacked. Smart contract is safe,” the protocol took the necessary steps to pause the activity.
Despite alerting the community that it was not a breach in the smart contract, Binance Chain’s BNB token crashed. From above $850, the token crashed to as low as $840, within a matter of hours. At the time of publication, the token is trading at $844, after losing more than 1% in the past 24 hours.
However, a crypto netizen who goes by the pseudonym Rose Premium Signals stated BNB
hit $962, $1,008, and thereafter $1,059, once it breaks out from a bullish symmetrical triangle.
