X @Ignas | DeFi

Security Incident Analysis - Initial reports of a $40 million exploit on Venus might be inaccurate [1] - The incident appears to be an abuse of pre-approved permissions from a whale wallet [1] - The attacker used pre-approvals to repay debt, unlock collateral, borrow USDC, and redeem vTokens, ultimately draining the wallet [1] - The protocol itself is considered safe, as the vulnerability stemmed from user-level authorization [1] Recommendations - Users are strongly advised to cancel approvals for all assets to mitigate potential risks [1] AI Application - AI models, like ChatGPT, can effectively analyze blockchain transactions and provide insights [1] - AI's ability to interpret transaction data could reduce the need for specialized smart contract explanations [1]