Home Crypto 36 M $ hacked, it’s panic for the DeFi Avanlanche protocol!

36 M $ hacked, it’s panic for the DeFi Avanlanche protocol!

DeFi protocol loses $ 36 million in hack

36 million dollars disappeared from the DeFi Vee Finance protocol

The Decentralized Finance – DeFi – Vee Finance protocol has suffered a hacker attack. The hackers got their hands on $ 36 million in ETH and BTC. But the Vee Finance team managed to contact them and are currently working to recover the funds.

A 36 Million Hack in DeFi

The hackers exploited an address that belongs to the DeFi Vee Finance lending platform. The heist’s total is over $ 35 million in coins. The hackers walked away with 8,800 Ethereum and 214 Bitcoins.

However, the latter have not yet moved the funds. The Vee Finance team announced that they had successfully contacted them. They are reportedly currently in contact and trying to resolve the issue through diplomatic channels. It is common in theDeFi universe and hacks at smart contracts. Because as the addresses are public and the blockchain is too, all transactions are traceable. A company can therefore find the hackers’ wallet and initiate a conversation directly with them.

Vee Finance in contact with Pirates

The address in question, which EtherScan managed to identify, currently has 8804 ETH and 214 BTC wrapped wBTC, for a total value of $ 36 million at the time of this writing.

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

The attack took place on a current contract, and the remaining assets of the lending platform, including the USDT.e USDC.e and DAI.e stable coins, had not been affected. This is reassuring news for the platform’s customers. The latter saw all the exchanges suspended without having much information.

Indeed, exchanges and transactions on the entire platform have been suspended as a security measure. But no date for resuming transactions has been brought forward at this stage.

Besides, the funds have still not left the hackers’ wallets. The team behind Vee Protocol contacted them. They are said to be currently negotiating with the pirates to find a favorable outcome to this affair.

At the same time, we are working with Blockchain audit firms and industry exchanges to locate the attacker and help recover the assets.

More and more frequent attacks

This attack comes just weeks after Vee’s lending service went live on the blockchain Avalanche. At the time, this launch saw the total value locked in to the protocol take 200% in 12 hours, from $ 100 million to $ 300 million. Locked-in dollars – stake – allow DeFi savers to generate income from sleeping money.

This feat, achieved by Vee Finance, is explained by the integration of technology Chainlink for the price calculation. This evolution makes it possible to use Chainlink’s Oracle technology to calculate the price of the assets present on the protocol. Indeed, previous attacks that targeted DeFi protocols exploited price variations. Because by attacking the liquidity of the exchange, the prices can vary very strongly. And it allows hackers to swap – trade – for next to nothing all of the assets in a lending pool. And these goods face the challenges of decentralizations, decentralized exchanges and the tokens that are swapped there.

Decentralized ecosystem under attack

This is the second attack that has arrived on the Decentralized Finance protocols since the start of the week. In the previous attack, which targeted the pNetwork, the loot amounted to $ 12 million. Another DeFi protocol present on the Avalanche blockchain, Zabu Finance, suffered a loss of $ 3.2 million in the same week. This attack caused the value of the Zabu token to drop to 0.

Meanwhile, the native Avalanche blockchain token, AVAX, continues to break records. This blockchain therefore overshadows the DeFi giant, Ethereum, whose empire is increasingly threatened. He recently beat All Time High at $ 60. Indeed, the price of the AVAX token is currently evolving at 63 dollars, supported by a large volume. The MA50 is at $ 42, but time does not seem to be correcting. In addition, a golden cross, crossing the MM200 by the MM50 upwards, took place at the end of August 2021. In the process, the AVAX began a bullish wave with an acceleration of more than 250% at the beginning of the month.

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