Venus’ XVS token plunges 9% as exploit leaves protocol with bad debt

The attacker manipulated the THE token market, borrowed assets, and sold THE, causing a 17% price drop and liquidations, with estimated profits of $3.7-5.8 million. What to know : The Venus protocol was exploited on March 16, resulting in $2.15 million in bad debt and a 9% drop in the value of its governance token XVS. The attacker manipulated the THE token market, borrowed assets, and sold THE, causing a 17% price drop and liquidations, with estimated profits of $3.7-5.8 million. Venus responded by pausing THE borrows and adjusting collateral values, and is now considering how to cover the loss through its risk fund.