Avalanche DeFi Platform ‘Vee Finance’ Hacked For $35 Million

A recently launched DeFi protocol called Vee Finance has been the victim of a hack that stolen as much as $35 million.

A $35 Million Hack

The DeFi protocol Vee Finance has let them know that it was hacked for a total of 8,804 Ethereum (worth $26.2 million) and 213.93 Bitcoin (worth $9 million).

Vee Finance is a lending and lending protocol built on the Avalanche blockchain that offers both flexible and fixed returns on crypto deposits. In less than a week since its launch on September 14, the platform proudly announced that it now managed more than $300 million in locked-down assets. After today’s news, that amount is now at least $35 million lower.

In the first announcement of the incident said Vee Finance said the team noted “some abnormal transfers” on Sept. 20, sharing both the attacked address and the address used by the hacker to send stolen money.

Following the incident, the team suspended the platform’s smart contracts to ensure the security of all users’ assets. The company has also temporarily stopped all borrowing and lending functions.

Vee Finance offers hackers a fee

Additionally, in a tweet addressed directly to the alleged hacker, Vee Finance said they were willing to pay compensation to the hackers for the bug they identified, and urged the attacker to contact it. team.