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Vee Finance Suffers $35M Exploit on Avalanche Blockchain

Vee Finance Suffers $35M Exploit on Avalanche Blockchain DeFi News
  • Vee Finance has lost $35 million on Avalanche blockchain.
  • The hacking incident came days after Vee Finance launched its mainnet on the Avalanche network.

Decentralized finance (DeFi) protocol Vee Finance has fallen victim to hackers’ trap. Coming up with the news, Vee Finance announced that it has lost a whopping $35 million a few days after launching its mainnet on the Avalanche network.

Detailing more on the matter, on September 20, Vee Finance suddenly paused its services due to a suspicious attack on its network. A moment after that, Vee Finance came out and confirmed that they are truly experiencing the attack on their platform. 

In effect, the hacker stole 8,804 Ether (ETH) and Bitcoin (BTC) is 214. This amounts to the aforementioned $35 million that was lost. Based on the Vee Finance announcement, the hacker had a stolen asset on one address after it exploited the Vee Finance smart contract address.

The Vee Finance team speedily suspended their platform contract address when they saw what was happening. Not only this alone, but the Vee Finance team said that they have suspended both deposit and borrow function alongside.

Reasonably, the team eventually took action on the suspension as a way to prevent further losses in the future. However, Vee Finance did not showcase deeply the possible cause of its latest exploit.

The VEE team is actively working to further clarify the incident and will continue to try to contact the attacker to recover the assets. We are taking and handling this incident seriously and will do our best to protect the interests of VEE Finance users

Coincidently, the Vee Finance incident comes as part of the rising number of exploits targeting the Avalanche network.

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Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.