In Brief:
- Avalanche-based DeFi platform, Vee finance became the victim of the second major exploit.
- In this attack, Vee Finance lost 8,804 Ethereum (ETH) and 214 Bitcoin (BTC), which estimated worth is more than $35 million.
- After the attack, Vee Finance native coin price drop from $0.25 to $0.085.
Decentralized Finance (DeFi) platform Vee finance became a victim of an exploit of around $35 million, which is the second large attack on the avalanche platform. The company had also ensured that the stablecoin section was not affected by this attack.
Vee finance had stopped its services due to suspicious activity on its platform. Vee Finance had confirmed that its platform was under the cyberattack. This attack has resulted in the loss of 8,804 Ethereum (ETH) and 214 Bitcoin (BTC). The total amount of these digital assets is nearly $35 million.
Vee Finance had also released the address, using this address the attack was launched and the digital assets are contained on this address. To recover the fund, Vee Finance had also offered the bug bounty to hackers.
Last week, Vee had declared that the total value locked on its platform had crossed the $300 million bar. After the exploit, the value of the native token VEE fell from $0.25 to $0.085. Currently, the price of VEE is recovering and at $0.11.
In this month, Avalanche-based Defi protocol Zabu Finance had also suffered from a big cyber attack, in which they lost $3.2 million. Some people assert that this is not a cyber attack. They are calling it “Rug pull”. (“rug pull” means a theft in which the owners of a cryptocurrency project abandon it after stealing investor money.)
