On September 21, 2021, an Avalanche-based decentralized finance (defi) platform Vee Finance announced that it suffered from an incident that siphoned 8,804 ether and 213 bitcoin out of the system. The team has suspended the defi platform contracts and stressed that the stablecoins have not been “affected by the attack.”

Contents hide

1. Defi Project Vee Finance Suffers a Loss of $35 Million From Hack

2. Vee Finance Project Insists Stablecoins Are Safe

2.1. 1% Deposit Bonus & Withdrawal Fees On Crypto Deposit in BuyUcoin

2.2. A Decade in the Making: US SEC Approves 11 Bitcoin ETFs, Igniting Market Enthusiasm

2.3. Will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved?

2.4. 10 Must-Have Features on Bitcoin Staking Site

2.5. Christmas in the cryptocurrency world arrives early as the pre-holiday crypto market heats up

Defi Project Vee Finance Suffers a Loss of $35 Million From Hack

The Avalanche (AVAX) blockchain has been a popular network in recent times and it has attracted a number of defi applications like Benqi.fi, Trader Joe, Lydia Finance, Shroom Finance, and Osiris. The Vee Finance platform is another defi platform that has gathered a number of users and coins which added to the platform’s total value locked (TVL).

However, on September 21, the team explained that the project was “attacked” and updated the Vee Finance community via Twitter and an incident report. “Vee.Finance Incident Announcement,” the tweet details. “The Vee Finance team has suspended the platform contracts to ensure the safety of more users’ assets, and has suspended the deposit and borrow function. The Stablecoin section is not affected by the attack,” the disclosure further noted.

Vee Finance Project Insists Stablecoins Are Safe

In the incident report, the Vee Finance team disclosed that “8,804.7 ETH and 213.93 BTC were attacked.” At the time of writing, the loss equates to around $35.49 million using current bitcoin and ether exchange rates. “After investigation, the suspected attacker has launched the attack through the above address (etherscan address) and has collected the stolen assets in this address,” the Vee Finance team said. The defi project operators further insisted:

The Stablecoin section is not affected by the attack. 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 Vee Finance network attack follows an attack against the Pnetwork protocol on September 20, that saw the loss of 277 bitcoin (BTC) via the Binance Smart Chain (BSC). The Avalanche network saw its first major defi attack six days ago when Zabu Finance lost $3.2 million in a hack. The Zabu Finance hacker exploited the platform’s Spore Token protocol and minted 4.5 billion zabu and withdrew the coins to a secret wallet.

What do you think about the Avalanche defi platform Vee Finance getting hacked for $35 million? Let us know what you think about this subject in the comments section below.

Bitcoin News
Defi, $35 Million, Attack, Avalanche, Avalanche Defi, AVAX, Binance Smart Chain, Bitcoin, BSC, ether, Ethereum, Hack, Hacker, Pnetwork Protocol, VEE Finance, VEE Finance Platform, VEE Finance Team, Zabu Finance