BNB Chain Moves to Liquidate 100% USDT, USDC of BNB Bridge Exploiter

• BNB Chain Core introduces a detailed strategy to recover from the 2022 exploit.
• The exploiter’s balance includes 630,240 BNB supply and borrowings of 58,440,000 USDT and 37,440,000 USDC. 
• BNB Chain Core seeks authority to execute a forced liquidation mechanism to settle outstanding debts.

After more than a year of the attack, BNB Chain Core has officially proposed a comprehensive plan to seize the collateral of the BNB Bridge exploiter and utilize the funds to repay outstanding debts without resorting to market liquidation of BNB. 

The proposal outlined a detailed execution strategy to mitigate potential losses for the Venus protocol. The report noted that as of December 11, 2023, the exploiter’s balance comprises 630,240 BNB in supply. Alongside, it holds borrowings of 58,440,000 USDT and 37,440,000 USDC. 

Per the information in the proposal, the outstanding debt must first be settled to unlock the BNB supply. As a result, the proposal suggests employing the forced liquidation mechanism by granting BNB Chain the authority to execute the necessary operations. 

BNBChainCore published a proposal on the Venus forum which aims to give BNB Chain the discr…

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