Vee Finance, a decentralised finance network, appears to be the latest victim of this year’s DeFi hack season.
While details are scarce at the present, the Vee Finance team tweeted on Sept 20 that the process had been abused. Vee Finance has suffered a loss of 8.8k ETH and 214 BTC.
“It is possible that our platform has been abused. All services have been brought to a halt. We are currently investigating the cause; please follow our official social media accounts for the most up-to-date information.”
A subsequent tweet highlighted the fictitious contract and stated that the team would conduct an investigation as soon as possible. According to the report, which was issued on Sept. 21, a total of 8804.7 ETH (about $26.2 million) and 213.93 BTC (approximately $9 million) were stolen.
Cryptocurrency sleuths poring over the addresses involved thought the sum might be as high as $30 million, but was more likely closer to $35 million. Vee Finance’s Telegram channel was rapidly filling up with investors concerned about a possible rug pull.
Just a day before, the Avalanche-based Defi protocol boasted in a blog post that its total value locked had surpassed $300 million. Vee Finance was airdropping coins and advertising 600 percent yields on VEE/AVAX liquidity mining pools.
Related: Zabu Finance To Abused For $3.2 Million
Vee Finance, which went live on the main net on Sept 14, was founded with the purpose of “bridging the divide between traditional finance and Defi and offering consumers with superior digital asset management services.”
The cross-chain loan and borrowing platform previously raised private and seed finance from Huobi Ventures Blockchain Fund, Avalanche Asia, and a number of other venture capital organizations. To protect the safety of remaining funds, the Vee Finance team has paused the platform’s smart contracts and deposit features.
On September 19, the Binance Smart Chain platform pNetwork was compromised, resulting in the theft of about $13 million in tokenized Bitcoin. Last week, the Zabu Finance protocol, which is built on Avalanche, was abused for $3.2 million.
Prices of VEE tokens have plummeted.
As expected, the protocol’s native VEE token has plummeted in value during the last few hours. From a peak of $0.235 on September 21, VEE prices had fallen 45 percent to $0.128 at the time of publication, according to CoinGecko. VEE peaked at $0.854 on September 18 and has already fallen by 85 percent in the aftermath of the exploit.
Also Read: El Salvador Capitalizes On The Bitcoin Price Declined By Purchasing 150 BTC
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