News21 September 2021

Avalanche’s Vee Finance Hacked And $35 Million Lost

Avalanche’s Vee Finance Hacked And $35 Million Lost

Summary

  • Vee finance gets exploited for $35M
  • Vee Finance suspends platform contracts, deposit, and borrow functions
  • The attack comes a day after Vee Finance announced a $300 million TVL

Avalanche-based DeFi platform, Vee Finance, has become the latest victim to a series of DeFi related hacks. The attack that saw Vee lose $35M took place on Monday, after which the team halted all platform services and transactions.

The Vee platform management has already launched an investigation into the attack and has recently announced the attacker’s address.

“The VEE Finance team has suspended the platform contracts to ensure the safety of more users’ assets, and the VEE Finance platform has now suspended the deposit and borrow function. Currently, according to address monitoring, the attacker has not yet transferred or processed the stolen assets further. The VEE team is actively working to further clarify the incident and will continue to try to contact the attacker to recover the assets.” The platform noted.

According to Vee Finance, the attacker managed to get away with 8804.7 ETH and 213.93 BTC, estimated to be worth $35 million. This attack happened a day after the platform announced a $300 TVL.

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