Hacker stole $35 million from the Vee Finance project based on Avalanche
The Vee Finance landing platform suffered in the next large-scale hacker raid on Avalanche. Representatives of the project reported the incident in their official blog on Medium.
Vee Finance is a DeFi lending platform whose main task is to support multiple mining mechanisms, including liquidity mining, transactional mining, and leveraged digital currency mining.
The total losses as a result of the hacker's actions amounted to about $36 million. Of these 8804.7 ETH is worth more than $27 million and 213.93 BTC, equivalent to $9.28 million. The attacker managed not only to use the exploit but also to collect all the stolen assets at one address as a result of using the Vee Finance trading contract. To avert additional loss of customer funds, the team was forced to suspend existing contracts within the platform, as well as functionality related to loans and deposits.
At the same time, a little less than a week has passed since the launch of the main Vee Finance network on the Avalanche blockchain, and after integration with Chainlink as an oracle, the volume of blocked Vee Finance funds exceeded $300 million.
Vee Finance is now seeking to find a compromise in dialogue with the hacker by posting a tweet offering a monetary reward for detecting an exploit. Although the exact amount has not been specified, it can be assumed that it is at least several million dollars. The project team encouraged the attacker to contact them via email or any other means.
The exploit resulted not only in a heated discussion of the project by Twitter users but also in a 25% drop in the value of the VEE project's token. According to CoinMarketCap, its current price is $0.13, while yesterday it was $0.24.
The previous victim of hackers on the Avalanche blockchain was Zabu Finance, from which attackers stole $3.2 million in early September. DeFiprime analysts said the incident was the first “big exploit” on the Avalanche network.
In the meantime, Vee Finance developers can only expect that they are faced with a more "conscientious" attacker.
If you decide to try your hand at the world of cryptocurrencies, do it with a trusted and reliable partner - HUOBI
Coin Shark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.