DeFi

Vee Finance suffers $35M exploit on Avalanche

  • Decentralized finance platform Vee Finance has become the latest victim of an exploit worth an estimated $35 million.
  • The token of Vee Finance has plummeted in recent hours and is currently down 43%
  • Vee Finance, which launched on the mainnet of Avalanche on September 14 hoped to bridge the gap between Tradfi and DeFi

Decentralized finance platform Vee Finance has become the latest victim of an exploit worth an estimated $35 million.

There are not many details yet

There are not many details yet about how the attack has happened, but the team at Vee Finance tweeted an alert on September 20 that the protocol had been exploited and later shared a report that was published on September 21. According to the report, the attacker stole a total of 8804.7 ETH (around $26.2 million) and 213.93 BTC (around $9 million). The platform also explained that their team is working to further clarify the incident and hopes to get in contact with the attacker.

The platform’s smart contracts and deposit functions are also suspended to ensure the safety of the remaining funds. Meanwhile, the token of Vee Finance has plummeted in recent hours. From a high of $0.235 on September 21, the price of VEE has fallen 43% to $0.127 at the time of writing.

What is Vee Finance?

Vee Finance, which launched on the mainnet of Avalanche on September 14, aimed to “bridge the gap between traditional finance and DeFi and provide users with better digital asset management services.” Not long ago, the platform had published a blog post to announce that its total value had reached $300 million. The protocol had also run airdrops and also advertised returns of 600% for VEE /AVAX liquidity mining pools.

The platform also closed private and seed funding rounds from Huobi Ventures Blockchain Fund, Avalanche Asia, and other venture capital firms.

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