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Venus Protocol temporarily suspended its platform following a sophisticated phishing attack that drained approximately $27 million from a user’s wallet. The incident highlights ongoing security challenges in decentralized finance despite protocol-level integrity. Blockchain security firms confirmed the attack exploited user approvals rather than protocol vulnerabilities.
- Attack exploited pre-approved token authorizations rather than protocol vulnerabilities
- Hacker used sophisticated methods including potential computer poisoning and Monero-based funding
- Actual losses may be lower than initial $27M estimate, potentially under $20 million
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