BNB Chain Hacker Loses $30 Million In Liquidation

Last week had seen Venus Protocol enforce over $93 million worth of liquidations from a malicious wallet that had borrowed large sums of stablecoins from the lending platform. Such liquidations occur when a highly leveraged position drops below a predetermined margin threshold which sparked two such liquidations in a span of one week. Collateral totaling approximately 6.89 millionshare of vBNB tokens was forcefully sold back to the protocol. The rigorous action is being taken in light of a governance vote by BNB developers back in November 2021.