Avalanche DeFi Project Vee Finance Loses Over $35 Million in Hack
Yet another news of a DeFi hack coming in just a day after BSC's pNetwork lost more than $12 million, this time on the Avalanche ecosystem.
Yet another news of a DeFi hack coming in just a day after BSC’s pNetwork lost more than $12 million, this time on the Avalanche ecosystem. Avalanche-based Vee Finance reported that it had been hacked during the previous session, which caused a loss of around $35 million in BTC and ETH from the DeFi platform.
Since discovering the attack, Vee Finance has suspended the platform contracts as well as the deposit and borrow functions in an attempt to protect its users’ assets. However, it insists that its stablecoin section remains unaffected by the attack.
Investigations by its team so far reveal that the attack was carried out from an Etherscan address and the address into which the stolen funds were transferred have also been identified. The attacker managed to drain the platform of 8,804 ETH and 213.93 BTC valued at more than $35 million.
Close on the heels of news of the pNetwork hack, this is the second major hack on the Avalanche network in less than a week. Last week, another DeFi attack caused Zabu Finance to lose $3.2 million after its Spore Token protocol was exploited to steal 4.5 billion zabu tokens from the platform.
At a time when regulators are increasingly turning their attention towards DeFi projects, news of such hacks can further heighten official scrutiny on the market. With the rising popularity of decentralised finance, several hackers have also made their way towards this sector, trying to make a quick buck by exploiting vulnerabilities on popular DeFi protocols.
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