Hackers Stole $35 Million From Vee Finance

The hackers broke into the Vee Finance protocol based on the Avalanche Blockchain and stole $35 million.

Before announcing this, Vee Finance suspended all its transactions on September 20, 2021. The team detected suspicious activity on the network and had to stop providing services to the users.

As it turned out, hackers stole 214 BTC and 8804 ETH, which is more than $35 million according to the company’s estimates. According to a post from Vee Finance, the hackers targeted a specific wallet via the protocol’s trade contract address.

Once the Vee Finance team discovered this, they terminated the contract as well as discontinued all the borrowing and escrowing functions on the platform.

The Vee Finance team added that according to the address monitoring, the attacker had not yet transferred or processed any of the stolen assets.

“We are actively working with this and have notified the attacker on the network in advance. At the same time, we are working with the contract auditors and exchanges in the industry to locate an attacker and help to recover the assets,” the company added.

Vee Finance is a recently launched protocol and is among the new DeFi projects aimed at improving the mining performance in this sector.

Vee Finance wants to speed up such processes as mining, liquidity and transactions. On September 14, it was broadcast on the Avalanche network. On the same day, the company launched a liquidity extraction function. Five days after the launch, the protocol grossed a total of $300 million in TVL (Total Valued Locked).

Post a Comment