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XVS price slips after $27M Venus Protocol phishing attack

  • A Venus network user suffered massive losses after authorizing a malicious transaction.
  • The perpetrator took seconds to drain vUSDT, BTCB, vETH, vXRP, and vUSDC.
  • The native token plunged sharply after the news.

While the crypto market displayed stability on Tuesday, XVS painted its daily chart red after news surfaced that a Venus Protocol user had encountered a sophisticated phishing scam, resulting in the loss of digital assets worth a whopping $27 million.

What attracted attention is how the incident unfolded.

It was not a weakness in Venus Protocol. The attacker gained complete access to the victim’s assets after a simple mistake.

According to an on-chain investigator, PeckShield:

The victim approved a malicious transaction, granting token approval to the attacker’s address (0x7fd8…202a) for asset transfer.

The perpetrator’s burner wallet instantly drained the assets after the user approved access.

It took seconds to lose a fortune, likely accumulated in years.

Such incidents underscore the brutal reality in the DeFi world, where a simple mistake can translate to disastrous losses.

The numbers reveal how devastating the attack was:

  • $19.8M in vUSDT
  • $7.15M worth of vUSDC
  • $146K in vXRP
  • $22K in vETH
  • $285 Bitcoin on BNB Chain (BTCB)

The victim lost what most people would consider generational wealth, especially in the crypto industry.

What’s worse is that the hack didn’t happen due to weaknesses in Venus Protocol.

The attacker leveraged the user’s innocence and deception to orchestrate the scam.

Venus Protocol remains secure

One thing that the community would like to know is whether the perpetrator breached the Venus Protocol.

NO. The BNB Chain-based lending and borrowing protocol remained secure and fully operational.

The $27 million loss didn’t stem from a coding flaw, systematic exploit, or bugs in smart contracts.

It is part of the rising trend of social engineering frauds, where attackers trick users into authorizing token approvals.

In June, a New York scammer used social engineering to steal assets worth over $4 million from a Coinbase user.

Another similar incident had a victim losing over $240 million in August last year.

The weak point has nothing to do with the protocol, but the user who’s controlling the wallet.

Thus, the Venus Protocol remained operational after one of its users suffered a devastating loss.

Doesn’t that add to the victim’s frustration?

Risks linked to DeFi’s freedom

Decentralized finance thrived on permissionless technology.

However, that freedom carries significant dangers.

Token approvals ensure streamlined interactions between digital assets and decentralized applications (dApps).

Nevertheless, giving wallets unlimited approvals limits user control.

The powers turn deadly if the wallet belongs to a fraudster.

That’s what the Venus Protocol victim met – a simple approval turned out to be a complete disaster.

Furthermore, DeFi doesn’t have a refund button or helpline.

Mistakes are final in this industry, and the $27 million is likely gone forever.

XVS price outlook

Venus Protocol’s native token turned bearish amidst the scam developments.

It has lost more than 6% on its daily chart after a sharp dip.

XVS trades at $5.99 with an overwhelming selling pressure.

The 400% surge in 24-hour trading volume signals heightened activity, potentially from holders exiting positions to avoid further losses.

Bears dominate XVS’s price charts, hinting at more declines before the altcoin secures footing.

The post XVS price slips after $27M Venus Protocol phishing attack appeared first on CoinJournal.

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Ethena price forecast amid a 94 million ENA token unlock

  • Ethena’s token ENA is up nearly double digits in 24 hours as bulls eye a breakout above $0.80.
  • The token expects a major unlock event of 94 million ENA.
  • Analysts say price could break out amid key fundamental strengths for Ethena.

Ethena (ENA) price is up nearly 10% in the past 24 hours, despite the USDe stablecoin platform facing a huge token unlock.

The price of Ethena at $0.69 signals a potential breakout if buyers drive sentiment post the over 94 million ENA token unlock event.

Meanwhile, trading volume has surged 53% to over $574 million and market cap to $4.6 billion, putting Ethena among the top gainers on the day.

Bitcoin Cash, Tornado Cash and Sky are among the outperformers in the past 24 hours.

Ethena price ticks up ahead of token unlock

As noted, Ethena is preparing for a significant token unlock, with 94.2 million ENA tokens set to be unlocked on Sept. 2.

Per current price, the total value of the tokens coming into circulation stands at around $63.1 million, scheduled for 15:00 UTC+8.

According to on-chain details shared by SoSoValue in a post on X, the huge ENA unlock will account for 0.63% of the total supply.

Notably, the coins will be distributed between the ecosystem fund and foundation, with 53.55 million ENA going to the fund and 40.64 million ENA to the foundation.

In the crypto market, token unlocks are critical events and often affect market liquidity and price stability.

Ethena’s price will likely swing amid the token release, with trader sentiment key to short-term price movement.

However, this unlock comes amid substantial milestones for the Ethena network, including the success of its synthetic dollar USDe.

The past month has seen USDe cross the $12 billion market cap, and Ethena surpassed $500 million in cumulative gross interest revenue. Ethena also saw over $30 million USDe of rewards distributed.

Strong fundamentals and broader market sentiment may thus help ENA price even as 94 million tokens come into circulation.

Ethena price forecast

The ENA token reached highs of $0.85 in August after a significant uptick from lows of $0.51 earlier in the month.

However, profit taking tanked prices to around $0.62 before a bullish bounce faded around $0.75.

Ethena price chart by TradingView

Ethena price is back near the $0.70 mark after its latest uptick, with ENA’s current daily chart displaying a potential cup and handle pattern.

The pattern often signals a bullish trend continuation, and a price breakout above $0.80 is likely to confirm this for Ethena.

The daily RSI above 54 and upsloping add to this bullish outlook. Buyers could target $1.26 in the short term.

The post Ethena price forecast amid a 94 million ENA token unlock appeared first on CoinJournal.

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Sky Protocol buyback program starts paying off as SKY token jumps 12%

  • Sky Protocol has spent nearly $75M on buybacks since February 2025.
  • SKY token has risen by 12.6% in a week, nearing previous highs.
  • Buybacks reduced supply and boosted investor confidence.

The price of the SKY token has jumped 12.6% over the past seven days as the Sky Network buyback program starts to bear fruits.

The steady rise comes after months of token repurchases, with Sky Protocol investing tens of millions of dollars to reduce supply and stabilise market confidence.

Sky Protocol’s buyback strategy

Sky, formerly known as Maker before rebranding in August 2024, has made headlines with its aggressive buyback plan.

Since February this year, the protocol has used nearly 75 million USD to purchase SKY tokens directly from the market.

The most recent update revealed that in August alone, Sky spent 5.5 million USD to acquire 73 million tokens.

Notably, this consistent activity has helped to gradually lift the token’s price.

In late February, SKY was trading just above six cents.

Today, it is changing hands at a little over seven cents, and while the number may look modest, it marks a meaningful recovery for a token that had faced periods of volatility.

The buybacks are designed to reduce circulating supply, creating upward pressure on value while signalling financial confidence from the project’s side.

SKY token price recovery gains momentum

Market data from Coingecko shows that SKY has gained more than 12% in the past week, outperforming several other decentralised finance tokens.

The token’s performance since the start of the buyback has been steady, rising over 8% across six months despite broader market swings.

In late July, SKY even touched 9.6 cents, getting close to its all-time peak of just over ten cents recorded in December, before taking a surprising dip to just above six cents in August.

By comparison, Uniswap’s UNI token has risen about 6% in the same timeframe, while Aave’s AAVE has gained over 25%.

These comparisons highlight that although SKY has not delivered the strongest returns, its growth is tied directly to a deliberate financial mechanism rather than just speculative market sentiment. This distinction makes Sky’s approach stand out within the altcoin space.

Why the buybacks matter

Token buybacks are not new in crypto, but Sky’s scale and consistency are drawing attention.

By removing tokens from circulation, the project is reducing potential selling pressure and rewarding holders with gradual value appreciation.

The fact that Sky has committed $75 million to this strategy suggests a strong treasury position and confidence in its ecosystem.

Other projects, such as World Liberty Financial and Pump.fun, have also launched similar programs, indicating that the model may become more common across the industry.

For Sky, the coming months will be crucial in determining whether the current momentum can be sustained, especially if market conditions turn volatile again.

Investor sentiment already appears to be shifting in line with these efforts. A token that fell to a low of 3.5 cents earlier this year has nearly doubled from that point, reflecting renewed faith in its long-term role.

With a market capitalisation of around $1.64 billion and more than $6.2 billion in total value locked on the platform, Sky is positioning itself as one of the more stable players in DeFi.

The post Sky Protocol buyback program starts paying off as SKY token jumps 12% appeared first on CoinJournal.