DeFi platform Vee Finance exploited for $35M on Avalanche blockchain

Vee Finance, a decentralized finance platform (DeFi), reported $35 million losses in its latest exploit. This was just days after it launched the mainnet on Avalanche’s Avalanche network.

Vee Finance announced that it had been attacked on Sept. 20 and lost around 8,804 Ether (ETH). At the time of writing, the total amount was worth more than $35 Million.

Official incident announcement states that the suspect attacker stole assets from one address by exploiting the VEE Finance contract address. To prevent any further losses, VEE Finance suspended all contracts on the platform as well as deposits and the borrow function.

Vee Finance didn’t provide any details or explanations regarding the latest exploit as of the publication. The VEE team is working hard to clarify the incident. We will continue trying to reach the attacker to recover assets. The announcement stated that we are treating this incident with seriousness and will do everything in our power to protect VEE Finance users’ interests.

Vee Finance, a DeFi lending platform, supports multiple mining mechanisms, including transaction mining, liquidity mining, and leveraged mines. On Sept. 14, Vee Finance launched its mainnet via Avalanche, along with a liquidity mining launch. Vee Finance reached $300 million in total value on its platform after integrating Chainlink price feeds.

Related: Bitcoin theft from pNetwork results in $12.7M of DeFi Hacking at BSC

This latest incident is part of a growing number of exploits targeting Avalanche (a DeFi-focused, blockchain protocol that was launched in September 2020). The Avalanche-based DeFi app Zabu Finance was reportedly hacked for $3.2million last week, which caused the Zabu tokens to plummet.

According to CoinMarketCap data, Avalanche’s native token AVAX has hit new all-time highs. Its price surpassed $75 on Sept. 18. AVAX trades at $61.79 as of the writing. This is a decrease of 3% over 24 hours but up about 12% over seven days.

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