Venus Protocol suffers $3.7M loss in supply cap attack

Venus Protocol lost $3.7 million over the weekend in a supply cap attack involving the THE token, Cointelegraph reported. The attacker first acquired 84% of THE's total market capitalization and then used the tokens as collateral to borrow large quantities of CAKE, USDC, BNB, and BTC. In response, Venus Protocol has suspended borrowing and withdrawals for THE and has also temporarily halted these functions for other low-liquidity tokens on the platform.