Approvals
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X @Ignas | DeFi
Ignas | DeFi· 2025-09-02 21:51
Security Incident Analysis - Initial reports of a $40 million exploit on Venus may be inaccurate [1] - An AI analysis suggests the Venus protocol functioned as designed [1] - The incident appears to be an abuse of pre-approved permissions from a whale wallet [1] Attack Vector - The attacker repaid debt, unlocking collateral [1] - The attacker borrowed USDC to self [1] - The attacker redeemed vTokens to self, draining the wallet [1] Risk Management - Users should revoke approvals for all assets to mitigate similar risks [1] Technology Assessment - AI tools are capable of analyzing blockchain transactions and providing insights [1]
X @Ignas | DeFi
Ignas | DeFi· 2025-09-02 09:41
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]