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Hackers Exploit Vee Finance, Steal Crypto Worth $35 Million

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Hackers Exploit Vee Finance, Steal Crypto Worth $35 Million

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The decentralized financial platform Vee Finance appears to have become the latest victim of this year’s DeFi exploit season.

The details are not yet clear, but the Vee Finance team issued a warning on September 20 that the protocol had been exploited. The tweet also states that they had paused all services and will investigate the case.

A subsequent tweet pointed to the fraudulent contract, adding that the team would announce the results of the investigation as soon as possible. The report was released on September 21st and said that at the time of publication a total of 8,804.7 ETH worth $26.2 million and 213.93 Bitcoin worth $9 million were stolen.

Vee Finance Exploit Season?

The crypto detectives at the addresses involved in the mining estimated the amount to be up to $30 million, but the total is close to $35 million.

The protocol’s Telegram channel quickly filled with investors voicing concerns about a possible carpet move.

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Just a day ago, the Avalanche-based DeFi Protocol posted a blog post boasting that its total locked value reached $300 million. Vee Finance had been dropping tokens and increased the profitability of the VEE/AVAX liquidity mining pool to 600%.

Vee Finance launched the mainnet on September 14th with a mission to “bridge the gap between traditional finance and DeFi and provide users with better digital asset management services”.

The cross-chain lending platform had completed private and seed funding rounds from the Huobi Venture Capital Blockchain Fund, Avalanche Asia, and several other venture capital firms.

The Vee Finance team suspended the platform’s smart contract and deposit features to keep the remaining funds safe.

On September 19, Binance’s pNetwork smart chain platform was used to tokenize Bitcoin worth approximately $13 million. Last week, the Zabu Finance agreement based on Avalanche was used for $3.2 million.

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