News26 September 2021

Vee Finance Loses Millions Days After Mainnet Launch

Vee Finance Loses Millions Days After Mainnet Launch

Summary

· The number of DeFi attacks continues to rise

· Vee Finance loses $35 million to hackers

· Vee finance becomes the most recent protocol on Avalanche to be attacked

· The AVAX token continues to rise in value despite network attacks

DeFi networks hacks continue to rise with yet another DeFi hack on Vee Finance on avalanche. According to reports, the hackers managed to make away with $35 million just days after the platform launched its Mainnet.

After the hack, Vee Finance stopped all transactions on the platform to mitigate the losses. The attackers made away with 214 BTC and 8.804 ETH tokens with a total value of $35 million at the time of the attack. According to the Vee Finance team, the hackers exploited one trade contract address on the protocol.

Vee Finance has become one of the recent victims of hacking on Avalanche. Even with these hacks, the Avalanche ecosystem continues to grow, with the value of AVAX, the native token, rising consistently.

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