Another DeFi Loss: Vee Finance hacked. $35M in losses days after launching on Avalanche

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It seems like another day, another DeFi loss, with the announcement of Vee Finance hacked to the tune of $35M in Bitcoin and Ether stolen.

It seems like another day, another DeFi loss, with the announcement of Vee Finance hacked to the tune of $35M in Bitcoin and Ether stolen.

The official incident account said that the Vee Finance hack ended up with the attacker collecting stolen funds onto one address after exploiting the contract address. The company suspended the platforms contracts, as well as deposit and borrow functions in order to prevent further losses, they said.

Vee Finance Hack: The latest in a string of DeFi attacks

The Vee Finance hack is the latest in a string of recent DeFi attacks, which have seen hundreds of millions of dollars worth of digital assets stolen over the last few weeks, including Neko Network, Cream Finance and Poly Network (although the attacker appears to be a bit more white hat on Poly, and has returned the funds, claiming he or she was simply determined to highlight security issues).

The Vee Finance team have not yet given details about how exactly the hacker was able to exploit the system, but later released this statement:

The VEE team is actively working to further clarify the incident and will continue to try to contact the attacker to recover the assets. We are taking and handling this incident seriously and will do our best to protect the interests of VEE Finance users

Vee Finance is a DeFi lending platform which allows users to get involved in a range of mining activities, including liquidity mining, transaction mining and leveraged mining. The platform officially launched its mainnet on Avalanche just a few days ago, so this hack isn’t great news. Vee Finance broke $300 million in total value locked on its platform on Sunday after it integrated the Chainlink oracle network.

More information will be posted as the Vee Finance hack unfolds.

Dylan Leighton

Dylan Leighton

Dylan Leighton is an composer, music producer, sound designer and mix engineer from the United Kingdom. Making music for over 40 years, he creates music for corporate clients, film and video, and his own personal enjoyment. Writing under the artist name Kalliste, he has composed in just about every genre, from hip-hop to funk to classical.

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