Crypto Security: Lessons from the Venus Protocol Attack
Man, the decentralized finance (DeFi) world is always a minefield, isn’t it? Just look at what happened with Venus Protocol recently. Over $27 million was stolen, and it wasn’t just a technical flaw but a massive user behavior screw-up too. DeFi is a wild ride. So, what can these digital banking startups learn from this mess to shore up their crypto security?
The Venus Protocol Incident: A Quick Recap
Venus Protocol—a key player on the BNB Chain—had this major user (basically a crypto whale) get phished. Almost $27 million was syphoned off, largely from their vUSDT and vUSDC. The protocol assured everyone that their smart contracts were as solid as a rock, so no technical flaw there.
After the attack, they paused operations to do…
