Avalanche-based Vee Finance startup was hacked for $35 million

In the next large-scale hacking attack on Avalanche, the Vee Finance landing platform was targeted. Project representatives reported the event on their official Medium blog.

Vee Finance is a DeFi lending platform that focuses on supporting various mining techniques, such as liquidity mining, transactional mining, and leveraged digital currency mining.

The hacker’s efforts resulted in a total loss of around $36 million. 8804.7 ETH, valued at more than $27 million, and 213.93 BTC, worth $9.28 million, are among them. Because of the Vee Finance trading contract, the attacker was able to use the vulnerability and gather all of the stolen assets in one location. To avoid further losses of customer cash, the team was obliged to stop current contracts on the site, as well as loan and deposit capabilities.

At the same time, it’s been less than a week since the primary Vee Finance network launched on the Avalanche blockchain, and the volume of blocked Vee Finance money has surpassed $300 million following integration with Chainlink as an oracle.

Vee Finance is now attempting to agree with the hacker by sending out a tweet offering a monetary prize for discovering an exploit. Although the precise amount has not been disclosed, it is likely to be millions of dollars. In addition, the attacker was invited to contact the project team through email or any other methods.

The exploit sparked a heated debate on Twitter over the project and a 25% reduction in the value of the VEE project’s coin. Its current price is $0.13, compared to $0.24 yesterday, according to CoinMarketCap.

Zabu Finance was the previous Avalanche blockchain hacking victim, with hackers stealing $3.2 million in early September. According to DeFiprime experts, the event was the first “major exploit” on the Avalanche network.

Meanwhile, Vee Finance engineers can only expect to be confronted by a more “conscientious” adversary.

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