Decentralized finance (DeFi) platform Vee Finance suffered a cyberattack that caused losses of $ 35 million just days after launching its mainnet on the Avalanche network.
It stopped its services on September 20 due to suspicious activities. Vee Finance later confirmed that the platform was hacked, with losses of 8,804 Ether (ETH) and 214 Bitcoin (BTC). The value of the stolen amount exceeds $ 35 million at the time of translation.
According to the official announcement, the cyber attacker collected all the stolen assets at a single address after misusing the Vee Finance business contract address. Vee Finance has suspended platform contracts and deposit and withdrawal functionality to prevent further damage.
Vee Finance did not provide further details on the cause and details of the cyber attack at the time of translation. “The Vee team is actively working to clarify the incident and will continue to try to contact the attacker to recover assets. We are taking this incident seriously and will do everything we can to protect the interests of Vee Finance users,” the announcement said.
Vee Finance; It is a DeFi lending platform that supports many mining mechanisms such as liquidity mining, transaction mining, and leveraged mining. The platform launched its mainnet on Avalanche on September 14. By integrating Chainlink as its Oracle network solution, Vee Finance achieved $ 300 million in total locked value on September 19.
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Launched in September 2020, the DeFi-centric blockchain protocol Avalanche has been the target of cyber attackers multiple times. The avalanche-based DeFi app Zabu Finance suffered a cyber attack last week that caused $ 3.2 million in damage. As a result of the cyberattack, the price of Zabu tokens also dropped to zero.
Avalanche’s AVAX cryptocurrency broke a record by breaking above $ 75 on September 18. AVAX, which has lost about 3 percent in the last 24 hours and dropped to $ 61.79, has still gained 12 percent in the last week.