It seems that some friends still don't understand what's going on.

In simple terms, it should be that the attacker controlled a large number of $THE , and then exploited the loophole that allowed the collateralization of $THE to borrow hard currency using @VenusProtocol , causing a massive spike of $THE in the market. Anyway, there isn't much liquidity, so a little money can go a long way.

Venus's oracle reads on-chain, and instantly the THE he put in became very valuable, so he crazily borrowed assets like BTC, Cake, and BNB.

Then he dumped THE, which led to his insolvency, but it didn't matter; he had already exchanged garbage for real money.

This loss can only be directly absorbed by Venus as a bad debt, while the system slowly sells THE for liquidation.

THE
THEUSDT
0.109
+4.40%