DeFi protocol Venus seeks to patch $270K hole from oracle incident

The DeFi lending and borrowing protocol has confirmed it was affected by a malfunctioning Binance price oracle but confirmed user funds were safe.

Decentralized finance (DeFi) protocol Venus confirmed it was impacted by an issue with one of its price feed oracles, resulting in borrows totaling around $270,000 on Dec. 11.

However, it has downplayed the incident from being an exploit as described by analysts, and it also vowed to replace funds from the treasury.

On Dec. 10, reports emerged that a malfunctioning price oracle had affected the Binance Smart Chain-based decentralized lending and borrowing marketplace.

Read more News