Vee Finance Suffers Hack

Vee Finance, an Avalanche-based DeFi protocol, has become the latest hack victim, with over 8,800 ETH and 214 BTC under the attacker’s control. However, available information reveals talk is ongoing between Vee’s team and him.

In order to secure more users’ assets, the protocol announced in a tweet that it has temporarily discontinued services In the platform due to the hack caused by a security breach. However, Vee didn’t mention a definite time of resumption of activity.

In its further update, it provided the wallet of the hacker. Available information had it that Etherscan marked the hacker wallet address and found out that it currently holds 8,804 units of the second-largest crypto-asset, Ethereum, and 214 Wrapped BTC (WBTC), that both worth over $36 million in today’s market value.

According to Vee, the attack affected a pending contract, but not all assets in the stablecoin sector. This means that USD Tether, USD coin, and DAI holdings are not affected.

Currently, the attacker has not returned the loot. As a result, the team behind the DeFi protocol is working hard to bring the situation to control as there are ongoing efforts to reach out to the hacker and resolve it.

The team said, “At the same time, we are working with contract auditors and exchanges in the industry to locate the attacker and assist in recovering the assets.”

This hack marks the second against the DeFi project in the week. pNetwork suffered a similar attack with over $12 million lost.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts