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We've published the post-mortem on the March 15 THE market incident on @VenusProtocol. ~$2.15M in bad debt, isolated to THE and CAKE markets. No smart contract compromise. Here is the full breakdown: preparation, attack mechanics, root cause, and remediation 🧵

We're continuing the investigation with Venus and security partners. Full post-mortem on community.venus.io/t/the-market-i…

Remediation: ✅ Affected + at-risk markets paused THE, BCH, LTC, UNI, AAVE, POL, FIL, TWT, lisUSD ✅ Attacker addresses tracked with forensic partners 🔄 Supply cap enforcement being extended 🔄 Collateral parameters reinforced across markets 🔄 Full audit

Immediate action taken: THE market and other at-risk markets are paused. We are continuing to investigate alongside the Venus team and security partners. A full post-mortem with remediation steps - including oracle and supply cap hardening - will follow.

At peak (block 86738236, 12:42 UTC), the attacker's position: Supplied: 53.2M THE as collateral Borrowed: 6.67M CAKE, 2,801 BNB, 1.97K WBNB, 1.58M USDC, 20 BTCB This position now holds: A second related address (0x737b), which had pre-supplied 1.58M USDC as collateral, borrowed 4.63M THE in the same transaction as the initial attack at 11:55 UTC. This position was liquidated starting 12:04 UTC.

🚨 Earlier today, Venus Protocol's Core Pool on BNBChain was targeted by a supply cap manipulation attack. $THE asset borrows & withdrawals have been paused. In an abundance of caution, markets with high liquidity concentration have also been paused: $BCH, $LTC, $UNI, $AAVE, $FIL, $TWT Other Venus markets are unaffected and operating normally. Here's what we know so far 🧵

SOL market - February end: → Supply: 3.68M SOL ($298M) → Utilization: 90.3% (+6.1pp) → Supply rate: 5.0% (+1.6pp) → Borrow rate: 6.5% (+1.7pp) With 90%+ utilization and rising rates, the market continues to attract both sides - borrowers for leverage, depositors for yield.

Stablecoin deleveraging accelerated during February's volatility: → Supply: $1,135M (-2.6%) → Debt: $787M (-11.8%) → Utilization: 69% (-7pp) Flows: → USDC: +$28M supply, -$49M debt → PYUSD: -$27M supply, -$17M debt → CASH: -$18M supply, -$19M debt The crash triggered rapid debt repayment, unwinding January's borrowing activity.