DeFi Platform Vee Finance Experiences A $35M Attack

When we consider the most recent events in the cryptocurrency industry, we would see that many developments have been largely positive. However, the dark side of the industry rears its ugly head once again as Vee Finance recently suffered an attack that had cost it a whopping $35 million only a couple of days following the launch of the mainnet last week on Avalanche.

Vee Finance now, unfortunately, joins a growing list of platforms, businesses, protocols, and companies to have been targeted, as the number of hacks and cyber-attacks continues to grow at a steady pace.

A loss of $35 million

Vee Finance is the DeFi (decentralized finance) platform in question that has been the unfortunate victim of an attack that has since resulted in the loss of $35 million in crypto assets. To make matters worse, the attack had taken place shortly after the mainnet launch on Avalanche’s network had occurred.

Vee Finance had to pause its services after it had become aware of some suspicious activity yesterday on the 20th of September. However, the platform had soon confirmed that an attack had taken place and that a loss of about 214 BTC and 8,804 ETH was the result. This amount brings the total losses to the aforementioned sum of about approximately $35 million at today’s prices.

It had been reported that the attacker(s) had gathered the stolen crypto assets on a single address following the successful attack on the platform’s trade contract address. In an attempt to avoid any more losses, Vee Finance’s team had decided to temporarily halt the contracts as well as borrow and deposit functions.

What’s next?

As of this time, Vee Finance has refused to provide any further elaboration on the key details and specifics regarding the exploit, as well as any possible leads and causes. The team is working hard even as we speak to get a hold of the current situation, which has since been an absolutely devasting experience. There are intentions of reaching out to the attacker in the hopes of potentially recovering the assets, but nobody knows how successful this will be. All in all, Vee Finance urges its supporters and customers to remain calm as it tries to get to the bottom of this, before also adding that safeguarding the users’ best interests will always be the top priority.

In related news, Zabu Finance (an Avalanche-oriented decentralized application) had also been recently exploited, with the losses reportedly going above $3 million.

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