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Vee Finance exploited for over $35 million on Avalanche blockchain

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Vee Finance exploited for over $35 million on Avalanche blockchain

Vee Finance, a decentralized finance application on the Avalanche blockchain, just announced that its platform suffered a $35 million exploit, a few days after launching on the mainnet of the Avalanche blockchain.

Vee Finance is a DeFi lending platform focused on supporting multiple mining mechanisms, including liquidity mining, transaction mining and leveraged mining.

The platform officially launched its mainnet on Avalanche just a week ago alongside a liquidity mining launch. Vee Finance broke $300 million in total value locked on its platform on Sunday.

The platform initially paused its services citing suspicious activity yesterday. After this, the platform confirmed that it was attacked and this resulted in a loss of 8,804 Ether ($26.9 million) and around 214 BTC ($9.3 million). The total amount using the current market price of Bitcoin and Ether comes down to approximately $36.2 million as of the time of this writing.

The platform released an official incident report which stated that the suspected attacker had collected stolen assets on one address after exploiting the Vee Finance trade contract address. As expected, in order to prevent further losses, the Vee Finance team suspended the platform’s contracts alongside deposits and borrow function.

The announcement stated, “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 did not elaborate on the specifics and possible causes behind the exploit at the time of publication. This is just one of a string of exploits reported on the Avalanche Blockchain as there has been an increasing number of exploits targeting the platform.

Last week, the Avalanche-based DeFi application Zabu Finance was reportedly exploited for $3.2 million, causing the value of Zabu tokens to plummet to zero.

Avalanche’s native token, AVAX, is currently trading $64.15 as of the time of this writing. It is up 1% for the day. The token recently hit a new all-time high of $76.21 two days ago.

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