Another hit on Avalanche as Vee Finance exploited for $35 million

CryptoSlate

Another decentralized finance (DeFi) protocol on Avalanche (AVAX) chain, Vee Finance, has fallen victim to an attack, merely a week after Zabu Finance got hit. 

The lending protocol platform has confirmed the exploit on Twitter, which counts as the second major attack in the Avalanche ecosystem.

How To Get Free Crypto  

$35 million gone

“Our platform may have been exploited. All services have been paused. We are investigating the cause, please follow our official accounts for the latest update,” alarmed the exploited protocol while releasing the news on Twitter.

“As this incident occurred in the pending contract, the assets on the Stable Coin sector were not affected by the attack,” read the team’s announcement on Medium, reassuring that Tether (USDT), USD Coin (USDC) and DAI tokens remain safe “for the time being.”

“We’re willing to launch a bounty program for the bug you identified. Please connect us via email or other contact you prefer,” the Vee Finance team reached out to the attacker, showing a willingness to negotiate. 

By disclosing the attackers’ address, the team has revealed that the platform was exploited for a total of 8803 Wrapped Etherem (WETH), worth roughly $26 million, and 213 Wrapped Bitcoin (WBTC), worth around $9 million.

Coinbase Banner  

Investigation report coming ASAP

“According to address monitoring, the attacker has not yet transferred or processed the attacked assets any further,” added the team, while giving confidence it is working with contract auditors and exchanges in order to locate the malicious actor and assist in recovering the assets.

In the meantime, the protocol, which has thus far revealed only scarce information about the incident, promised to submit a full report as soon as possible, rejecting the rumors about a possible inside job. 

Shortly prior to the exploit the DeFi lending platform celebrated surpassing $300 million in total value locked (TVL).

Following the exploit, the value of the protocol’s native token VEE took a beating, tanking almost 38% in the past 24 hours, but has witnessed some recovery since and is currently trading at $0.12.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Ana Grabundzija


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.