Vee Finance exploited for over $35 million on Avalanche blockchain

Vee Finance, a decentralized finance service built on the Avalanche blockchain, recently disclosed a $35 million exploit on its platform, just days after debuting on the Avalanche blockchain’s manner.

Vee Finance is a DeFi lending platform that supports several mining strategies such as liquidity mining, transaction mining, and leveraged mining.

Only a week ago, the platform officially opened its mainnet on Avalanche, coupled with a liquidity mining debut. On Sunday, Vee Finance surpassed $300 million in total value locked on its platform.

Yesterday, the platform halted its services due to suspicious behaviour. Following this, the platform announced that it had been attacked, resulting in a loss of 8,804 Ether ($26.9 million) and around 214 BTC ($9.3 million). Using the current market prices of Bitcoin and Ether, the total amount comes to almost $36.2 million at the time of writing.

According to an official incident report issued by the site, the suspected attacker gathered stolen assets on one address after compromising the Vee Finance trade contract address. To avoid future losses, the Vee Finance team suspended the platform’s contracts, as well as the deposit and borrow functions, as predicted.

According to the notice, “the VEE team is actively trying to further clarify the situation and will continue to attempt to contact the attacker in order to recover the assets.” We are taking this situation seriously and will do all in our power to defend the interests of VEE Finance customers.”

At the time of publication, Vee Finance has not provided any additional information on the exploit’s characteristics or potential causes. This is just one of a slew of exploits disclosed on the Avalanche Blockchain, which has seen an increase in the amount of attacks.

Zabu Finance, an Avalanche-based DeFi program, was apparently abused for $3.2 million last week, forcing the value of Zabu tokens to collapse to nothing.

AVAX, Avalanche’s native token, is presently trading at $64.15 at the time of writing. It is 1% higher for the day. Two days ago, the token reached a new all-time high of $76.21.