XVS (Venus) fell 1.31% in the last 24 hours.

Gate News Bot news, on September 3rd, according to CoinMarketCap, as of the time of writing, XVS (Venus) is currently priced at $6.10, with a 1.31% fall in the last 24 hours, reaching a high of $6.60 and a low of $5.74, with a 24-hour volume of $40.50 million. The current market capitalization is approximately $99.50 million.

Venus Protocol is a community-driven decentralized finance protocol that provides simple yet powerful cryptocurrency lending services to users worldwide. Venus has built an immutable money market on the BNB Chain, supporting BEP-20 and ERC-20 token standards. The protocol is committed to security and has undergone security audits by several well-known institutions. The Venus Prime plan aims to reward loyal users by offering higher yields. Governance of Venus is community-led, and 538 Venus Improvement Proposals have been implemented to date.

Important recent news about XVS:

1️⃣ Venus protocol suffers a major security incident

On September 2, the Venus protocol suffered a severe phishing attack, resulting in approximately $30 million worth of assets being maliciously transferred out. The attackers exploited a vulnerability in the protocol, updating the core pool Comptroller on the BNB chain to a malicious contract address, leading to the transfer of a large amount of vUSDC, vETH, and other assets. To protect user asset safety, the Venus protocol quickly took action to suspend certain functions.

2️⃣ Emergency governance voting initiated to respond to the crisis

Venus Protocol initiated an emergency governance vote on September 3rd, aiming to safely restore the protocol and recover stolen funds. The voting content includes partially restoring protocol functions within 5 hours, allowing users to repay debts and supply funds; recovering stolen funds within 7 hours; and conducting a comprehensive security audit on Venus within 24 hours. These measures aim to protect user interests and prevent similar attacks from happening again.

3️⃣ Preliminary analysis of the attack reasons

Security experts initially believe that this attack is not due to vulnerabilities within the Venus protocol itself, but rather that large users may have been targeted by a poison attack. The attackers may have replaced the wallet extension on the user's computer, altering the redeemUnderlying operation to updateDeleGate in order to gain control of the assets. This indicates that the hacker's actions were premeditated and involved a high level of technical complexity.

Currently, the Venus team is closely collaborating with security agencies to recover the stolen funds. The protocol will continue to keep some functions suspended until a comprehensive security audit is completed. This incident may have a negative impact on the XVS price and user confidence in the short term, but the Venus team's quick response and transparent handling help alleviate market concerns.

This message is not intended as investment advice; investors should be aware of market volatility risks.