Home News DeFi platform Vee Finance exploited for $35M

DeFi platform Vee Finance exploited for $35M

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Decentralized finance (DeFi) platform Vee Finance exploited for $35M. Thus, an unknown attacker hacked the landing platform Vee Finance and withdrew tokenized Bitcoins and Ethereum for a total of about $35 million.

“Our platform could have been hacked. All services are suspended. We are investigating the cause. Follow the latest updates in our official accounts,” the representatives of the DeFi project wrote on Twitter.

According to the information from Vee Finance blog, the total value of the stolen assets exceeded $35 million. The loss is total of 8,805 Ethereum (ETH) and 214 Bitcoin (BTC). The hacker has not yet withdrawn funds further. The DeFi project team is trying to contact the attacker in the hope of recovering the assets.

Comments by Colin Wu

Chinese journalist Colin Wu commented on Vee Finance twitter announcement and stated that the company has attracted investments from more than 20 venture investors, including Huobi.

“The protocol has also passed the Certik and Slow mist checks,” journalist added.

Wu later wrote that Avalanche’s transactional activity over the cross-chain bridge has been gradually decreasing recently. And this may be affected by Vee Finance. He also noted that yesterday the volume of asset retrieval reached a record level – about 130 million.

Recent hacker attacks

Earlier, the cross-chain protocol of decentralized finance pNetwork lost 277 BTC due to a hacker attack. The team is still working on fixing the error. The attacker has not yet returned the funds.

On September 13, 2021, a hacker removed $3.2 million worth of assets from the Zabu Finance DeFi protocol on the Avalanche blockchain. The investigation revealed that the attacker stole assets from the Spore pool. According to the block explorer, they included: 402.9 WETH; 23,157 WAVAX; 21,501 PNG; 106,848 AVE; 361,267 USDT; 23,958.93 JOE.

On September 17, an attacker stole 864.8 ETH (~$3.09 million at that time) from the auction of non-fungible tokens (NFT) on the SushiSwap protocol MISO IDO (initial DEX offering) platform. On the same day, he returned all the stolen funds, transferring them in three transactions to the SushiSwap address.

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