Venus Protocol Confirms Smart Contract Security After $20M Whale Phishing Attack
Venus Protocol confirmed on Sept 2 via Twitter that its smart contracts remain secure, highlighting robust smart contract security. The firm clarified there was no protocol-level hack; only a single user was targeted in a phishing attack. Security expert Cos suggested hackers may have hijacked the frontend to phish a whale address. Stolen funds total under $20 million, partially converted into Monero (XMR) for gas. Investigations continue.
Neutral
Venus Protocol’s core smart contracts proved unaffected, underscoring protocol resilience and preserving trader confidence. The incident was a frontend phishing attack on a single whale, not a systemic breach. While the $20M loss is significant for the victim, it poses no direct threat to the protocol or its token. Similar past phishing cases caused localized sell-offs but left protocol valuations largely intact. Traders should monitor ongoing investigation updates, but market impact is expected to remain muted short term and neutral long term.