On the evening of May 18, the BSC-based DeFi lending platform Venus token XVS was doubled by the giant whale. After that, XVS was used as collateral to borrow and transfer BTC and ETH worth hundreds of millions of dollars. Since then, the price of collateral XVS is large. It fell and faced liquidation, but due to insufficient liquidity in the XVS market, the system failed to liquidate in time, resulting in a huge shortfall of hundreds of millions of dollars in Venus. On the 30th, Venus officially released an article that disclosed the process and results of the incident. The survey showed that the liquidator made a profit of about 20 million U.S. dollars, and the seller made a profit of about 55 million U.S. dollars; the "scalper" made a profit of about 2 million U.S. dollars; the 0xef044 address account had a net loss of about 66 million U.S. dollars. Secondly, its address attribution is based on the Swipe escrow address used on Binance, so there is no insider trading. The agreement lost approximately $77 million due to market fluctuations. VGP will recover approximately US$77 million from the distribution fund, and formulate a community recovery plan for XVS holders and others in the form of airdrops from the distribution fund and agreement income.
DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose.
Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.