Vee Finance, A DeFi Project Hacked, Crypto Loss Exceeds US$ 35 Million

A DeFi project named “Vee Finance” belonging to Avalanche was hacked and a loss of crypto funds, comprising Bitcoins and Ethereum funds collectively, exceeding US$ 35 Million was caused. Though the attack is over, yet the project has not resumed DeFi contracts which remain suspended after the attack. The project claims that no damage or loss was caused to the stablecoins.

Within the decentralized finance (DeFi) sector, the blockchain network of Avalanche, also known as AVAX, has gained huge popularity. Because of the network’s increasing popularity, it also managed to introduce several DeFi applications such as Trader Joe, Orsis, etc. One of the most popular DeFi project these days is “Vee Finance”, which too is available at AVAX.

However, a very unfortunate incident has taken place on 21st September 2021 which has severely impacted the Vee Finance. The people behind Vee Finance have informed through a tweet post that they were attacked by hackers. In order to prevent the possible harm, the project will have to suspend DeFi projects temporarily, suggested tweet message. The project further disclosed that temporarily nobody will be able to borrow or even deposit any funds from and into the project. The project also admitted that the hack attack was not limited to losing control only. In fact, the hackers managed to steal crypto funds lying in the form of lead crypto coins i.e. Bitcoin and Ethereum.

After a small interval, another tweet message was posted by Vee Finance. In this message, the project informed that a total loss of US$ 35.5 Million approximately have been caused upon the project. Vee Finance then gave the details and informed that at least 214 units of Bitcoins were stolen. As for Ethereum, Vee Finance informed that the hackers got away with 8,805 Ether coins.

An internal investigation revealed that the hacker who stole these crypto funds launched his lethal attack from the address identified as “etherscan”. All of the stolen funds too have been dumped in the same address by the hacker, claimed Vee Finance.

The team of Vee Finance has said that they will try to contact the attackers and request them to return the hacked crypto funds. According to Vee Finance’s information, the stolen funds have not yet been dissolved by the attackers.

It was being claimed by Vee Finance separately that no damage or loss was caused to any stablecoins. It said that the stablecoins remained intact without being affected by the attack.

One day before the Vee Finance unfortunate incident, there was another crypto network that was subjected to a hack attack. The network was “Pnetwork” in which the hackers installed the bug and afterward stolen 277 Bitcoins. It seems as if nowadays hackers are primarily focusing on DeFi projects.