Last week, Venus Protocol, a DeFi lender, said that it had officially given back stolen assets to the person who had been the victim of a phishing attack.
On September 2, Kuan Sun, the CEO of Eureka Trading and a distinguished user of Venus, lost his assets when he signed a fake Zoom client transaction that gave an attacker token approval. At the time of the theft, the stolen funds included USDT, USDC, FDUSD, and other currencies, worth about $13 million.
Venus said that the platform wasn’t hacked, but it was a phishing attack on an individual user. The platform’s post-incident analysis says that it took the platform less than 12 hours to figure out what was wrong and get the money back.
The protocol said in a post on X, “After conducting diligence checks, we are happy to share that as of Sep-06-2025 01:33:10 PM UTC, we have officially returned Kuan Sun’s positions worth $11.4M at today’s token prices.”
The platform’s plan was to do a quick security check to make sure the platform was safe and then force the attacker to sell their wallet, which the community agreed to. Venus thanked the on-chain security companies PeckShield, Hexagate, and Hypernative Labs for their help with the project.
Appreciating the protocol’s effect, Sun wrote on X, “Their quick reaction was what made everything possible. Pausing the protocol was one of the hardest calls imaginable; it meant facing pressure, criticism, and risk. But they made that call in seconds, because protecting users came first.”
Crypto Scams on the Rise
The last month saw the highest number of crypto-related scams. There was a loss of over $163 million in 16 major cryptocurrency exploits. The most significant breach involved BtcTurk, losing over $50 million. This concerning number highlights the struggle to safeguard digital assets.
The industry must keep innovating and growing while prioritizing user safety and confidence. Every hack makes people less confident and slows down the adoption of new technologies.
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