Chainlink causes $11.2m loss to Venus protocol- Decoding the aftermath - Aliens: AI Crypto News & Markets Updates
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Chainlink causes $11.2m loss to Venus protocol- Decoding the aftermath

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AMB Crypto

Sat, May 14, 2022

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Now trading at $6.9, it appears to be that one of Chainlink’s biggest products was the downfall of another protocol.

Chainlink’s price feeds are relied upon by hundreds of Dapps and protocols.

Currently trading at $0.15 and $0.04, the assets affected not just investors but also protocols and platforms in the DeFi space.

Thus, as both the assets lost all value and utility, Chainlink halted updating the price in the price feeds.

According to the Venus team, due to an abrupt halt in LUNA price updation from Chainlink, whose price feeds Venus relied on, the last price of LUNA on the protocol was noted as $0.107 when in actuality, the price had already dropped to $0.01.

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