Vee Finance Reports an USD 36M Exploit, VEE Takes a Dive

Source: Adobe/Denys Rudyi

Lending protocol platform Vee Finance was a sufferer of a USD 36m–heavy exploit a week after its mainnet launch, additionally seeing its VEE token plummet.

Yesterday, the crew confirmed the incident, stating that they’re “investigating the trigger,” and that each one providers have been paused.

This was adopted by an incident announcement, per which the Avalanche (AVAX)-based decentralized finance (DeFi) protocol had seen “a variety of irregular transfers” on September 20, and “after additional monitoring, a complete of 8804.7 ETH and 213.93 BTC have been attacked.”

This quantity of ethereum (ETH) is at the moment price round USD 27m, and bitcoin (BTC) is USD 9m, making the full reported lack of round USD 36m – which is the quantity at the moment held by the concerned address.

The stablecoin part isn’t affected by the assault, they added.

The report states that “the suspected attacker has launched the assault by means of the above deal with and has collected the stolen belongings on this deal with.”

Per the report, the attacker has not but transferred or processed the stolen funds, whereas the crew is working “to additional make clear the incident and can proceed to attempt to contact the attacker to recuperate the belongings.”

Besides the providers being paused, the crew moved to droop the deposit and borrow perform.

At 7:48 UTC, VEE was buying and selling at USD 0.10, after it dropped -47% prior to now 24 hours.


Unsurprisingly, among the many feedback there are additionally those that suspect a rug pull (a theft, whereby the house owners of the challenge abandon it after stealing buyers’ cash), whereas some claim that the attacker deal with given is identical because the creator of the Vee Finance bridge contract.

Just a couple of days in the past, Vee Finance announced that the full worth locked on the platform surpassed USD 300m, rising USD 100m within the 12 hours prior.  

Vee Finance mainnet was formally launched on September 14. The good contract handed the audit of SlowMist Technology, mentioned the crew. The challenge was funded by greater than forty firms, together with Huobi Ventures Blockchain Fund and Avalanche Asia Eco Fund AVATAR.
Learn extra:
– SushiSwap’s MISO Suffers USD 3M Attack, Contract Thefts May Rise
– Cream Finance Suffers USD 25M Flash Loan Attack 
– Tether Frozen in Poly Hack Returned to Owners, Fuelling Centralization Debate

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About the Author: Daniel