$200M of $BNB to Reach the Liquidation Price, BNBChain Team to take over the $BNB Position

Venus Protocol, the largest lending protocol of BNBChain, tweeted that if the $BNB price reaches the liquidation threshold, the core team of BNBChain is ready to take over the $BNB position on Venus as planned. The liquidation address has prepared $30 million to repay the account loans, and more funds will be provided if needed. There will be no sale of any $BNB in the market, and no shortfall is expected on Venus.

Previously reported: BNB Bridge attacker's $250M $BNB Collateral will be Liqudiated at $220

In October last year, a hacker attacked the BNB Chain cross-chain bridge and made a profit of 2 million $BNB, subsequently depositing around 920,000 $BNB as collateral on Venus to borrow approximately $150 million in stablecoins.

The attacker utilized the Venus Protocol lending protocol on the BNB Chain to collateralize 924,821 $BNB tokens (worth approximately $200 million at current price) with a liquidation price of around $220.

Earlier, the Venus DAO voted to designate the BNB Chain team as the sole liquidator of the attacker's address, ensuring that the 920,000 $BNB will not be dumped in the market during liquidation.

The current price of $BNB is $225.