Venus Initiates Emergency Vote: Security Recovery Protocol and User Funds Recoupment

BlockBeats News, September 3rd: Venus Protocol has released an emergency vote in response to a security incident where users fell victim to a phishing attack, prompting the protocol to swiftly pause to protect asset safety. The team has proposed a partial protocol recovery to adjust positions and prevent liquidation, along with a forced liquidation of the attacker's wallet. The protocol will be fully restored once the security review is completed.

The vote includes:

- Partial recovery of the Venus Protocol within 5 hours (enabling debt repayment/supply of funds);

- Recovery of stolen funds within 7 hours;

- Security review of Venus within 24 hours to prevent any other users from being subjected to similar attacks.

Full recovery of Venus - Updates and timelines will be announced separately.