Skip to main content

Avalanche Defi Platform Vee Finance Attacked — $35 Million in ETH, BTC Siphoned

Avalanche Defi Platform Vee Finance Attacked — $35 Million in ETH, BTC Siphoned

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.”

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.



from Bitcoin News https://ift.tt/3m28qan
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more