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Vee Finance Hit for $35M in Second Major Exploit on Avalanche
The platform was attacked for a total of 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million).
Updated May 11, 2023, 6:29 p.m. Published Sep 21, 2021, 8:59 a.m.
Decentralized finance (DeFi) platform Vee Finance has been hit for an exploit of around $35 million in the second major attack of an Avalanche platform.
- The platform was attacked for a total of 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million) on Sept. 20, Vee Finance announced Tuesday, adding that the stablecoin section was not affected by the attack.
- Vee Finance also highlighted the address through which the attack was launched and where the stolen assets remain collected for the time being.
- Details of the nature of the attack remain scant, though Vee Finance subsequently published a tweet addressing the attacker directly. “We’re willing to launch a bounty program for the bug you identified. Please connect us via email or other contact you prefer,” it said.
- Vee had announced Saturday that total value locked on its platform had surpassed $300 million.
- In the wake of the exploit, the value of native token VEE tanked from over $0.25 to $0.085, according to CoinGecko. At the time of writing, its price had recovered somewhat to nearly $0.11.
- The exploit follows a $3.2 million hack of Avalanche-based DeFi protocol Zabu Finance earlier this month, thought by analytics provider DeFiprime to be the “first big exploit” on the Avalanche blockchain.
Dear Mr/Ms 0x**95BA,
— vee.finance🔺 (@VeeFinance) September 21, 2021
This is VEE Finance team, we’re willing to launch a bounty program for the bug you identified. Please connect us via email or other contact you prefer.https://t.co/24R5XuSDDS pic.twitter.com/HwSNRi838g
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Read more: Cross-Chain DeFi Site Poly Network Hacked; Hundreds of Millions Potentially Lost
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