Vee Finance (VEE) was hacked, 8,804.7 ETH and 213.93 BTC were attacked
While the market was bloody because of the deep drop of Bitcoin, Vee Finance (VEE) suddenly announced that the platform was hacked, even though it had only just launched on Avalanche.
The official Twitter announced:
Announcement: Our platform may have been exploited. All services have been paused. We are investigating the cause, please follow our official accounts for latest update.
— vee.finance🔺 (@VeeFinance) September 20, 2021
Vee Finance (VEE) was hacked just a few days after its launch on Avalanche
After that, the parties involved were quick to estimate the loss of this hack at $35 million. Hackers have yet to find a way to disperse the money. In the announcement posted later, Vee Finance said the total amount of damage was 8,804.7 ETH and 213.93 BTC. The platform has frozen futures contracts, as well as stopped depositing and borrowing to protect users. Vee Finance confirmed that it is contacting the hacker to recover the stolen money.
VEE token quickly dropped sharply after the hack information was posted, losing nearly 30% of its value compared to 24 hours ago.
VEE price | Source: CoinMarketCap
Notably, Vee Finance is a reasonably new yield farming platform on the Avalanche (AVAX) network. The project just got mainnet on September 14, 2021, audited by Slowmist and Certik. Although it is a new project, Vee Finance has achieved specific achievements thanks to the hype of the entire Avalanche ecosystem. The project’s TVL reached $ 300 million just two days ago, making VEE the lending/borrowing platform with the 2nd highest TVL on the Avalanche network, just behind BenQi Finance (QI).
Thus, VEE is the second platform of the Avalanche system to be visited by hackers. Previously, Zabu Finance (ZABU) lost $ 3.2 million – the first major hack on the Avalanche ecosystem on September 13, 2021.
At the moment, VEE Finance has suspended the platform contracts to ensure the safety of more users’ assets and has suspended the deposit and borrow function.
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