Venus Protocol resumes operations and recovers $27M
Venus Protocol said it has fully restored operations after a $27M exploit forced a temporary shutdown.
The exploit occurred a day earlier, when attackers abused a contract upgrade to drain assets such as vUSDC and vETH. In response, the team suspended withdrawals and liquidations to conduct a system review.
In its official statement, Venus said the funds had been brought back under the protocol’s protection. “All functions have been restored. Lost assets have been returned, and users can once again manage their positions,” the team said.
The team noted the pause was necessary not only to recover funds but also to carry out a full security check, including the frontend and smart contract operations.
In its official statement, Venus said the funds had been brought back under the protocol’s protection. “All functions have been restored. Lost assets have been returned, and users can once again manage their positions,” the team said.
The team noted the pause was necessary not only to recover funds but also to carry out a full security check, including the frontend and smart contract operations.
Despite the recovery, XVS slipped nearly 3% over the past 24 hours, showing lingering investor caution. Venus said it is preparing a detailed report on the incident and thanked the community for its support during a “critical moment.”
Venus Protocol is a decentralized lending and borrowing platform built on the BNB Chain. It allows users to deposit cryptocurrencies, including stablecoins and major tokens, to earn interest or use them as collateral for loans.
The protocol operates through smart contracts and issues its own vTokens (such as vUSDC and vETH), which represent user deposits and accrue yield. Governance is decentralized via the XVS token, used for voting and ecosystem development decisions.
Venus Protocol is a decentralized lending and borrowing platform built on the BNB Chain. It allows users to deposit cryptocurrencies, including stablecoins and major tokens, to earn interest or use them as collateral for loans.
The protocol operates through smart contracts and issues its own vTokens (such as vUSDC and vETH), which represent user deposits and accrue yield. Governance is decentralized via the XVS token, used for voting and ecosystem development decisions.
