The post Venus Protocol Recovers $13.5M, Restores Operations appeared on BitcoinEthereumNews.com. Key Highlights Venus Protocol halts, then restores operations after $13.5M theft scare Stolen funds secured; no user assets or frontend were compromised XVS token showed only slight gains despite recovery confirmation Venus Protocol Restores Operations After $13.5M Theft Scare Venus Protocol, a decentralized lending platform on BNB Chain, has resumed normal operations after halting services due to a phishing-related theft. Recovery and Security Measures On September 2, Venus announced that withdrawals and liquidations were restored at 9:58 PM UTC. The stolen funds were secured under the platform’s control, while all user assets and the frontend remained unaffected. The team defended its decision to pause activity, explaining that it was “necessary both to recover the stolen funds and to conduct a comprehensive security audit.” The issue stemmed from a phishing attack on a major trader, who unknowingly signed a malicious contract using the updateDelegate() function. According to blockchain security firm PeckShield, this enabled the attacker to siphon around $13.5 million. Initial reports put the potential loss at $27 million, but this was later revised. Source: X/PeckShieldAlert Market Reaction and Next Steps Despite the platform’s recovery and reassurance, the market response was subdued. XVS, Venus Protocol’s native token, ticked up just 4.6% and traded at $6.29 at press time. Venus XVS Price. Source: CoinGecko Venus stressed that the outage gave security experts the chance to verify there was no deeper breach. The developers also expressed gratitude to users: “We’re thankful for the community’s support during this critical moment.” The project has promised to release a full incident report detailing the recovery process and security findings in the near future. Source: https://coinpaper.com/10868/venus-protocol-resumes-after-13-5-m-crypto-theft-scareThe post Venus Protocol Recovers $13.5M, Restores Operations appeared on BitcoinEthereumNews.com. Key Highlights Venus Protocol halts, then restores operations after $13.5M theft scare Stolen funds secured; no user assets or frontend were compromised XVS token showed only slight gains despite recovery confirmation Venus Protocol Restores Operations After $13.5M Theft Scare Venus Protocol, a decentralized lending platform on BNB Chain, has resumed normal operations after halting services due to a phishing-related theft. Recovery and Security Measures On September 2, Venus announced that withdrawals and liquidations were restored at 9:58 PM UTC. The stolen funds were secured under the platform’s control, while all user assets and the frontend remained unaffected. The team defended its decision to pause activity, explaining that it was “necessary both to recover the stolen funds and to conduct a comprehensive security audit.” The issue stemmed from a phishing attack on a major trader, who unknowingly signed a malicious contract using the updateDelegate() function. According to blockchain security firm PeckShield, this enabled the attacker to siphon around $13.5 million. Initial reports put the potential loss at $27 million, but this was later revised. Source: X/PeckShieldAlert Market Reaction and Next Steps Despite the platform’s recovery and reassurance, the market response was subdued. XVS, Venus Protocol’s native token, ticked up just 4.6% and traded at $6.29 at press time. Venus XVS Price. Source: CoinGecko Venus stressed that the outage gave security experts the chance to verify there was no deeper breach. The developers also expressed gratitude to users: “We’re thankful for the community’s support during this critical moment.” The project has promised to release a full incident report detailing the recovery process and security findings in the near future. Source: https://coinpaper.com/10868/venus-protocol-resumes-after-13-5-m-crypto-theft-scare

                                                                               Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle.                     Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more