Vee Finance lost $35 million due to a hack recently after its mainnet went live on the network but before reporting the incident, the platform stopped all transactions so let’s read more in our latest crypto news today.
One of the biggest threats to online businesses especially in the crypto industry is cybercriminal attacks. The existing networks are supposed to be safe and secure but the attackers more often than not find loopholes to exploit them and steal investors’ funds. This is not something new in the online world as there have been occasions when the hackers forced companies to pay or shut down. The Defi space has seen its fair share of attacks but the growing explotation cases are now becoming even more alarming. Most protocols suffered these attacks amounting to the losses of millions of dollars and the latest one that got attacked was Vee Finance based on the Avalanche blockchain after the mainnet went live.
1/2 To https://t.co/OAPeeNTmdc Community:
1) It's been 65 hours since the attack. We have been working closely with security companies and informed the exchanges about the latest wallet addresses.
The onchain activity is 24/7 monitored.
— vee.finance🔺 (@VeeFinance) September 23, 2021
The two cryptos that hackers stole from the platform were BTC and ETH worth 214 and 8804 respectively. Checking the value of both, the amount surpassed $35 million and according to what the team revealed, the hackers targeted an address through the trade contract address of the protocol. As soon as Vee Finance discovered the exploit, they stopped rendering the contract and stop borrowing and depositing functions on the platform. The team however didn’t say much about the reason and how the hackers got more access to the address. What can be said is that they are fixing the issue and are trying to facilitate possible funds recovery from the criminals.
Vee Finance assured its users that the goal is to protect their interests and that is what they are focused on. The exploited protocol is among the emerging DeFi projects that aim to improve the mining features of the sector and the protocol wants to boost the processes like leverage mining, transaction mining, and liquidity mining. September 14 was the day that it went live on AValanche and launched its liquidity mining feature the very same day. Like most Defi protocols, Vee Finance relies on the Chainlink price feeds to get real-time value data for the digital assets on-chain. This is part of the benefits of using blockchain oracle solutions and five days after the launch, the protocol garnered a total of $300 million in total value locked.
Update: To #VeeFinance Community: we have filed the police report to the local police station in the United States, and due to the significant amount of loss, our local police officer has escalated this case to the FBI. For further updates, please follow our Twitter.
— vee.finance🔺 (@VeeFinance) September 25, 2021
A few days later, the protocol lost $35 million to hackers and most other protocols on the blockchain recorded such losses. Some of them include Zabu Finance that lost $3.2 million to hackers and crashed its value to zero but the blockchain was growing and the native token aVAX also grew in value.
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