A Venus Protocol cryptocurrency whale was scammed out of R73.7 million in a planned phishing attack. They are taking quick rescue and precautionary measures.
One of the largest investors in cryptos lost R$73.7 million after being a victim of an impressive phishing scheme on the Venus Protocol platform.
According to security experts at SlowMist TI, this was not a design flaw of the protocol itself but a targeted scam directed at a large wallet carrier, commonly referred to as a whale.
The attacker exploited the user extension of the wallet and replaced a routine call to transact with a rogue call.
Source – X
According to an in-depth investigation of SlowMist that was published on their X account, it was this minor hack that enabled the thief to siphon off Venus assets without being noticed until it was too late.
Venus Protocol Freezes and Plans Rapid Recovery Measures.
Source – X
Following the breach, Venus Protocol suspended its operations immediately in order to preserve the funds of other users.
They moved it to a lightning vote on the platform, allowing a partial resumption to repay debt and adjust the asset supply. The protocol also aims to force-liquidate the wallet of the attacker in order to reclaim stolen assets, confirmed via postings on the Venus Protocol official X page.
The community vote sets a strict deadline: they must complete the restoration within two-thirds in five hours, restore the stolen money in seven hours, and conduct the security audit within 24 hours. These quick actions aim to curb risks and prevent similar attacks on other users.
Careful Set of Attacks Increases Alarm in Crypto Circles
They detailed the planning of the infiltration. The attacker collected the gas fees using Monero (XMR) swaps and obscured the trail of funds by using several exchanges, making it hard to track them.
Such systematic planning marks a new level of cybercrime professionalism towards major crypto holders.
The wallet address used by an attacker is also subject to investigation, and SlowMist is actively communicating with the victim with the aim of determining the maximum losses.
The Venus Protocol team is on its toes, trying to secure its platforms and users against market watchers.
