The integration with Venus Protocol amplifies Bitget Wallet’s Earn feature by incorporating one of the most reliable protocols on BNB Chain. This allows users to enter decentralized lending markets with just a few clicks. Venus Protocol drives some of the most significant and active lending pools in the ecosystem, providing a high-efficiency and safe architecture. This feature is directly embedded into Bitget Wallet, enabling users to interact with yield opportunities in a more straightforward, user-friendly manner without leaving the wallet or bridging assets.

“We are thrilled about our partnership with Bitget Wallet as it allows us to bring DeFi lending to a wider audience in a user-friendly and seamless manner,” stated Danny Cooper, Vanguard Team Lead at Venus Protocol. “This collaboration aligns with our goal to make decentralized finance easier and more efficient for all. Through this partnership, more users can safely explore sustainable yield opportunities directly from their wallets.”

The partnership with Venus Protocol offers users a wider range of earning options, which signifies a growing suite of earning tools within the wallet. This enables users to optimize yield without sacrificing security or control.

“We aim to help users unlock the full potential of their assets through secure and user-friendly DeFi products,” expressed Alvin Kan, COO of Bitget Wallet. “By teaming up with Venus Protocol, we’re making stable on-chain yield more accessible. We plan to continue building an extensive earning ecosystem that allows users to grow their portfolios confidently, all within Bitget Wallet.”

About Bitget Wallet

Bitget Wallet is the hub of Web3, combining endless possibilities in a single non-custodial wallet. With over 60 million users, it offers extensive on-chain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, and crypto payment solutions. Supporting more than 130 blockchains, over 20,000 DApps, and millions of tokens, Bitget Wallet facilitates smooth multi-chain trading across numerous DEXs and cross-chain bridges. It also has a $300+ million protection fund to ensure user asset safety.

About Venus Protocol

With a total supply exceeding $2.3B, Venus Protocol is the top decentralized lending and borrowing platform on BNB Chain. It offers users effortless access to crypto-backed loans, yield generation, and a unique governance model. By providing a secure, efficient, and scalable DeFi ecosystem, Venus empowers users to maximize their digital asset holdings.

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Some of the biggest teams on the BNB chain are working on projects that have already integrated the Binance Oracle. As reported by DeFi Llama, these include the lending protocol Venus ($770 million TVL), the yield farming platform Alpaca Finance ($510 million TVL), and the liquid staking solution Ankr ($101 million TVL).

Oracles allow smart contracts to use non-blockchain-based data sources. As an example, a protocol might want its smart contract to be activated in response to changes in the value of a certain security, the level of some macroeconomic indicators, or even the weather.

Gwendolyn Regina, BNB Chain’s investment director, said in a statement that using oracles to greatly improve the smart contract’s awareness of what’s going on outside the blockchain, letting it react to external events with prescribed actions, would be vital.

In the announcement, the importance of safety was emphasized. Infrastructure for monitoring data has been set up, and smart algorithms will check that pricing is correct. The network’s recovery time target, or tolerance for the outage, is “near zero,” according to Binance.

Recently, oracles, which are typically vital to the blockchain ecosystem, have become the target of crypto attacks. An attacker used a flaw in the Curve Finance pricing oracle to launch a $220,000 flash loan attack against the DEX QuickSwap. Because of the assault, the Polygon DEX stopped its lending process.

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The BNB Chain’s official Twitter account first stated that the temporary halt was being implemented owing to suspicious behavior on the blockchain, but then clarified that it was being implemented due to a probable exploit. After announcing that the blockchain was “under maintenance,” Binance temporarily halted all incoming and outgoing transactions.

They stated that they had temporarily disabled BSC after discovering a security hole. They had successfully isolated the problem and were looking into the security hole. The support team also added that they had faith that the community would step up and help them stop any suspicious financial transactions. They assured the customers that all the funds were completely secure.

Twitter users initially speculated that a major breach had occurred on the network, with on-chain analytics suggesting that two million BNB, the chain’s native token, had been stolen, a sum worth over $600 million.

After some time, a BNB Chain engineer updated Reddit to confirm that the exploit had occurred, saying that initial estimates put the worth of the exploit between $100 million and $110 million, with about $7 million frozen.

Although “extra BNB” were created as a result of the hack on the BSC Token Hub, BNB Chain has informed its users that their assets are secure and the issue is being investigated.

Before the official notifications were made, Twitter users conducted preliminary on-chain analyses showing that the attacker had claimed a one million BNB incentive through the token hub and deposited the remainder into the decentralized finance (DeFi) lending platform Venus Protocol.

Before the BNB Chain was halted, they used cross-chain bridges to borrow $150 million worth of stablecoins, which they then exchanged for Ether, Phantom Protocol tokens, and Polygon.

Before the bnb chain halt, attacker successfully transferred:

≈ $57M to Fantom

≈ $53M to Ethereum

≈ $400k to Polygon

The 6th of October, 2022, as tweeted by Hacken (@hackenclub).

The hacker used Stargate Protocol, another cross-chain bridge supplier, to launder another million BNB.

DeFi platform Vesper Finance’s strategy lead Zane Huffman estimated the attacker stole around $100 million from an initial hack of almost $600 million, an amount later provided by Zhao.

@jeffthedunker explained how they would process the funds. It is likely that the next steps of the attackers will be to transfer ETH back to the mainnet via the bridges and then tornado. About $45 million worth of Ethereum can be found on the mainnet, while another $20 million can be found on the bridges (Avalanche and Fantom official). They could get as much as $100 million in overcollateralized ETH loans.

Huffman also noted that the attacker has digital assets worth more than $400 million blocked on the BNB Chain, with more funds perhaps stuck in cross-chain bridges on the BNB blockchain.

Tether, a stablecoin service, has also banned the address linked to the bug.

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