• Vee Finance, an Avalanche Defi Platform, was hacked and $35 million in ETH and BTC were stolen

  • Vee Finance, an Avalanche-based decentralized finance (defi) platform, announced on September 21, 2021 that it had experienced an incident that resulted in the loss of 8,804 ether and 213 bitcoin. The defi platform contracts have been suspended, and the stablecoins have not been “affected by the attack,” according to the team.

    A $35 million loss has been suffered by Defi Project Vee Finance as a result of a hack.

    In recent months, the Avalanche (AVAX) blockchain has become a popular network, attracting a number of defi applications such as Benqi.fi, Trader Joe, Lydia Finance, Shroom Finance, and Osiris. The Vee Finance platform is another defi platform that has attracted a large number of users and coins, increasing the total value locked on the platform (TVL).

    On September 21, however, the team announced that the project had been “assaulted,” and provided updates to the Vee Finance community via Twitter and an incident report. The tweet reads, “Vee.Finance Incident Announcement.” “The Vee Finance team has suspended platform contracts as well as the deposit and borrow functions to ensure the safety of more users’ assets. The attack has no effect on the Stablecoin section, according to the disclosure.

    Stablecoins Are Safe, According to Vee Finance Project

    The Vee Finance team stated in the incident report that “8,804.7 ETH and 213.93 BTC were attacked.” Using current bitcoin and ether exchange rates, the loss amounts to around $35.49 million at the time of writing. According to the Vee Finance team, the suspected attacker launched the attack through the above address (etherscan address) and collected the stolen assets in this address. The operators of the defi project went on to say:

    The attack has no effect on the Stablecoin section. The attacker has not yet transferred or processed the stolen assets further, according to address monitoring. The Vee team is working hard to learn more about the incident and will keep trying to contact the attacker in order to recover the assets.

    The Vee Finance network attack comes after a September 20 attack on the Pnetwork protocol, which resulted in the loss of 277 bitcoin (BTC) via the Binance Smart Chain (BSC). Six days ago, the Avalanche network suffered its first major defi attack when Zabu Finance was hacked and lost $3.2 million. The Zabu Finance hacker took advantage of the Spore Token protocol on the platform to create 4.5 billion zabu and withdraw them to a secret wallet.

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