DeFi platforms face growing security threats as recent incidents raise alarm bells about user safety. A major account on Venus Protocol, a leading lending platform on the BNB Chain, lost approximately $27 million in a phishing attack. Blockchain experts attribute the loss to a user approving a fraudulent transaction that gave the attacker control over their tokens. This follows similar instances impacting users of decentralized exchanges. 🧠 The incident has highlighted vulnerabilities in DeFi and prompted concern regarding responsible practices and security measures. While the Venus Protocol’s smart contracts remain intact, the platform has been temporarily paused for investigation. The victim unknowingly approved a malicious transaction allowing full control over their tokens, including $19.8M in vUSDT, $7.15M in vUSDC, $146K in vXRP, and more. 🔒 Crypto security experts emphasize the need for vigilance, cautioning users against suspicious links, double-checking transactions, regularly revoking approvals, and utilizing secure hardware wallets. 🔐 The incident has led to a notable drop in Venus Protocol’s XVS token price, currently hovering around $5.97. A similar attack on the Bunni decentralized exchange resulted in $2.4 million loss, emphasizing the rising threat of scams within the DeFi ecosystem. The attacks highlight the importance of user education and responsible practices in this evolving landscape.