Avalanche Defi Platform Vee Finance Attacked — $35 Million in ETH, BTC Siphoned – Defi Bitcoin News



On September 21, 2021, an Avalanche-based decentralized finance (defi) platform Vee Finance introduced that it suffered from an incident that siphoned 8,804 ether and 213 bitcoin out of the system. The workforce has suspended the defi platform contracts and confused that the stablecoins haven’t been “affected by the attack.”

Defi Project Vee Finance Suffers a Loss of $35 Million From Hack

The Avalanche (AVAX) blockchain has been a preferred community in latest instances and it has attracted quite a few defi functions like Benqi.fi, Trader Joe, Lydia Finance, Shroom Finance, and Osiris. The Vee Finance platform is one other defi platform that has gathered quite a few customers and cash which added to the platform’s whole worth locked (TVL).

However, on September 21, the workforce defined that the project was “attacked” and up to date the Vee Finance group through Twitter and an incident report. “Vee.Finance Incident Announcement,” the tweet particulars. “The Vee Finance team has suspended the platform contracts to ensure the safety of more users’ assets, and has suspended the deposit and borrow function. The Stablecoin section is not affected by the attack,” the disclosure additional famous.

Vee Finance Project Insists Stablecoins Are Safe

In the incident report, the Vee Finance workforce disclosed that “8,804.7 ETH and 213.93 BTC were attacked.” At the time of writing, the loss equates to round $35.49 million utilizing present bitcoin and ether change charges. “After investigation, the suspected attacker has launched the attack through the above address (etherscan address) and has collected the stolen assets in this address,” the Vee Finance workforce mentioned. The defi project operators additional insisted:

The Stablecoin part is just not affected by the assault. Currently, based on handle monitoring, the attacker has not but transferred or processed the stolen property additional. The Vee workforce is actively working to additional make clear the incident and can proceed to attempt to contact the attacker to recuperate the property.

The Vee Finance community assault follows an assault towards the Pnetwork protocol on September 20, that noticed the lack of 277 bitcoin (BTC) through the Binance Smart Chain (BSC). The Avalanche community noticed its first main defi assault six days in the past when Zabu Finance lost $3.2 million in a hack. The Zabu Finance hacker exploited the platform’s Spore Token protocol and minted 4.5 billion zabu and withdrew the cash to a secret pockets.

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Tags in this story
$35 Million, Attack, Avalanche, Avalanche Defi, AVAX, Binance Smart Chain, Bitcoin, BSC, ether, Ethereum, Hack, Hacker, Pnetwork Protocol, VEE Finance, VEE Finance Platform, VEE Finance Team, Zabu Finance

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