DeFi platform Vee Finance has mined $ 35 million on the Avalanche blockchain
Decentralized finance platform (DeFi) Vee Finance reported a loss of $ 35 million on its most recent mining operation, just days after the mainnet launched on the Avalanche network.
To Break Due to suspicious activity on September 20, Vee Finance confirmed that their platform was under attack, resulting in the loss of 8,804 ethers (ETH) and approximately 214 bitcoin (BTC). The total amounts to over $ 35 million at the time of writing.
According to the official notice of the incident, the alleged attacker collected stolen assets at an address after exploiting VEE Finance’s commercial contract address. To avoid further losses, the VEE Finance team has suspended the platform’s contracts as well as the deposit and loan function.
Vee Finance did not disclose the details and possible causes of the latest exploit at the time of publication. “The VEE team is actively working to further investigate the incident and will continue to attempt to contact the attacker to restore the assets. We are seriously investigating and treating this incident and will do our best to protect the interests of VEE Finance users,” the announcement stated.
Vee Finance is a DeFi lending platform focused on supporting multiple mining mechanisms, including liquidity mining, transaction mining, and leveraged mining. The platform officially launched its mainnet on Avalanche on September 14, along with the launch of Liquidity Mining. After integrating the Chainlink price feed as a magical network solution, Vee Finance announced on Jan.
Related: The latest DeFi hack targeting BSC stole $ 12.7 million in Bitcoin from pNetwork
The most recent incident comes amid a growing number of exploits targeting Avalanche, a DeFi-focused blockchain protocol launched in September 2020. Last week, the Avalanche-based DeFi application Zabu Finance was mined for $ 3.2 million, which caused the value of the Zabu token to drop to zero.
Avalanche’s native token, AVAX, hit a recent all-time high of over $ 75 on September 18, according to CoinMarketCap. At the time of this writing, AVAX is trading at $ 61.79, down about 3% over the last 24 hours but still up about 12% over the last seven days.
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Blockchain
DeFi platform Vee Finance has mined $ 35 million on the Avalanche blockchain
Decentralized finance platform (DeFi) Vee Finance reported a loss of $ 35 million on its most recent mining operation, just days after the mainnet launched on the Avalanche network.
To Break Due to suspicious activity on September 20, Vee Finance confirmed that their platform was under attack, resulting in the loss of 8,804 ethers (ETH) and approximately 214 bitcoin (BTC). The total amounts to over $ 35 million at the time of writing.
According to the official notice of the incident, the alleged attacker collected stolen assets at an address after exploiting VEE Finance’s commercial contract address. To avoid further losses, the VEE Finance team has suspended the platform’s contracts as well as the deposit and loan function.
Vee Finance did not disclose the details and possible causes of the latest exploit at the time of publication. “The VEE team is actively working to further investigate the incident and will continue to attempt to contact the attacker to restore the assets. We are seriously investigating and treating this incident and will do our best to protect the interests of VEE Finance users,” the announcement stated.
Vee Finance is a DeFi lending platform focused on supporting multiple mining mechanisms, including liquidity mining, transaction mining, and leveraged mining. The platform officially launched its mainnet on Avalanche on September 14, along with the launch of Liquidity Mining. After integrating the Chainlink price feed as a magical network solution, Vee Finance announced on Jan.
Related: The latest DeFi hack targeting BSC stole $ 12.7 million in Bitcoin from pNetwork
The most recent incident comes amid a growing number of exploits targeting Avalanche, a DeFi-focused blockchain protocol launched in September 2020. Last week, the Avalanche-based DeFi application Zabu Finance was mined for $ 3.2 million, which caused the value of the Zabu token to drop to zero.
Avalanche’s native token, AVAX, hit a recent all-time high of over $ 75 on September 18, according to CoinMarketCap. At the time of this writing, AVAX is trading at $ 61.79, down about 3% over the last 24 hours but still up about 12% over the last seven days.
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