This is the second major liquidation in under a week and potentially safeguards bnb prices from crashing suddenly.
An infamous wallet that had borrowed over $150 million worth of stablecoins from lending and borrowing platform Venus Protocol was liquidated for over $30 million as bnb prices fell to $209 this morning.
Liquidation refers to when an exchange forcefully closes a trader's leveraged position due to a partial or total loss of the trader's initial margin. This happens when a trader is unable to meet the margin requirements for a leveraged position or fails to have sufficient funds to keep the trade open.of the exploiter’s loan was liquidated across two transactions.Venus runs on the BNB Chain network.
The unknown attacker then deposited bnb tokens on the Venus lending protocol to borrow $150 million worth of stablecoins. However, with bnb prices steadily falling in the past year, the massive loan has recently been close to being liquidated – a move that could send bnb prices quickly tumbling as the token is sold in the open market to save the loan.
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