BCGAME - Free 5BTC Daily Bonus!Decentralized finance (DeFi) platform Vee Finance reported that it was mined for a total of 8804,7 Ethereum (about $26,2 million) and 213,93 Bitcoin (about $9 million), temporarily suspending services .
Vee Finance is a loan and loan protocol built on the Avalanche lock chain that offers fixed and flexible returns on cryptographic deposits. In less than a week since its launch on September 14, the platform boasted that the total value of blocked assets exceeded $300 million.
After today's news, that amount is now at least $35 million less.
In Tuesday's announcement of the original incident, Vee Finance said that on September 20 the team noticed “a series of abnormal transfers,” sharing the attacked address and the address used by the hacker to send stolen funds.
After the incident, the team suspended the platform's smart contracts “to ensure the safety of more user assets” while halting the deposit and loan function.
Also, in a tweet addressed directly to the alleged hacker, Vee Finance said it was willing to launch a reward program for the bug it identified, asking the attacker to contact the team.
Dear Mr/Ms 0x**95BA,
This is VEE Finance team, we're willing to launch a bounty program for the bug you identified. Please connect us via email or other contact you prefer.https://t.co/24R5XuSDDS pic.twitter.com/HwSNRi838g— vee.finance🔺 (@VeeFinance) September 21, 2021
As soon as the incident was made public, the protocol's native VEE token plummeted from a 24-hour high of $0,235 to a local low of $0,087, before rebounding to $0,12 at the time of publication, by CoinGecko .
Are Vee Finance's funds safe?
In a subsequent blog post, Vee Finance emphasized that the platform's stablecoin sector was not affected by the attack; however, the team was unable to confirm that the user's funds were safe.
“According to address monitoring, the attacker has not yet transferred or processed the attacked assets,” said Vee Finance. "We are actively dealing with this and we are proactively communicating with the attacker on the network."
In addition, the project reported that it contacted smart contract auditors and exchanges "to locate the attacker and assist in asset recovery."
This is the second attack on a project built on Avalanche in the past ten days, when Zabu Finance was exploited for $3,2 million on Sept. 12 in what analytics provider DeFiprime claimed was the "first big exploit" on the network. .
It also follows a number of other hacker incidents that have hit the DeFi space in recent days, including a $3 million attack on SushiSwap's MISO token platform and a $12 million exploit of pNetwork, a protocol-based interoperability in Binance Smart Chain.
