Does the Venus platform still need to exist?

It's either been hacked or is on its way to being hacked.

Plus today's $the flash loan attack—that makes 5 incidents already.

Let's review Venus's hacking history:

1️⃣ 2021: Hackers exploited XVS token's poor liquidity, dumping it hard, then used overvalued XVS as collateral to borrow massive amounts of BTC, ETH, and other assets.

Left the system with approximately $145-200 million in bad debt.

2️⃣ May 2022: During the LUNA collapse, Chainlink's oracle triggered its protection mechanism and paused price updates, staying at $0.107 while actual market prices fell far below.

Attackers deposited billions of nearly worthless LUNA into Venus and borrowed approximately $11 million in assets using the incorrect high price.

3️⃣ October 2022: After hackers attacked the BNB cross-chain bridge to mint massive amounts of BNB, instead of immediately dumping it, they deposited it into Venus and borrowed $150 million in stablecoins.

This left Venus carrying an enormous high-risk position long-term.

BNB officials had to intervene and manage liquidation lines to prevent systemic risk.

4️⃣ March 2025: Hackers used flash loans to manipulate wUSDM oracle rates, causing the protocol over $700,000 in net losses.

June: Suspected MEV and permission management vulnerabilities led to attack, with approximately $2 million in losses.

September: A whale on a certain platform fell victim to phishing, resulting in approximately $27 million in assets (vUSDC, vETH, etc.) being maliciously transferred. While not a protocol-level code breach, Venus officials were forced to emergency "pull the plug" and pause the protocol to stop fund outflows.

This again sparked intense community backlash: how can an allegedly decentralized smart contract protocol have officials who can simply shut it down whenever they want?