Hackers stole $35mn from a DeFi based protocol Vee Finance

DeFi industry didn't stop being a risky hub
  • DeFi protocol Vee Finance has faced a major exploit recently
  • The hackers have laundered more than $35 million
  • The protocol has faced such attack after the recent launch of its mainnet
  • The team behind the DeFi protocol is trying to fix the issue and negotiating with the hackers

DeFi or the decentralized finance industry can potentially transform our traditional finance. The sector has seen a lot of growth since the beginning of this year. However, the sector remains very risky due to its potential decentralized nature. One of the major issues online is cybercriminals. Notably, several protocols in the industry have suffered attacks amounting to losing millions of dollars. Vee Finance is another decentralized protocol that has recently launched its mainnet. However, late on Friday, it was announced that the protocol has lost more than $35 million to hackers. 

Vee Finance is the latest to report a massive exploit

Based on the Avalanche Blockchain, Vee Finance has recently reported a massive attack. The illicit actors have stolen more than $35 million from the protocol after its mainnet launch. Following such activities, the protocol immediately halted transactions, before reporting the incident. Moreover, Vee Finance stopped rendering services to its users.

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Following the scenario, it was revealed that the hackers have stolen funds in Bitcoin and Ethereum. Specifically, 214 Bitcoins and 8,804 ETH coins were laundered in the recent attack.

According to the team behind the DeFi protocol, the malicious actors have targeted a particular address. Through such an address the attackers gained access to the trade contract he Vee Finance. However, the true reason is yet to be revealed.  

DeFi protocol is trying to fix the issue and assured its users

Vee Finance aimed to enhance the mining features of the industry. Like other networks based on DeFi, this protocol also relies on Chainlink price feeds to get real-time value for digital assets on-chain. Five days following the launch of its mainnet, the protocol had acquired a total of $300 million in TVL. However, it had to face such an exploit.

Currently, it is working on fixing the issue. Moreover, the team is trying to facilitate an apparent funds recovery from the hackers. Following the rip-off, the DeFi protocol assured its users that its goal is to protect their interests. 

Protocols on Avalanche have faced such attacks

Over the recent period, we have observed that several protocols on the Avalanche blockchain have faced major exploits. Zabu Finance is one of the examples of attacks that lost $3.2 million to hackers. Still, the blockchain is continuing to grow at a tremendous pace. Simultaneously, the price of its native crypto token is also soaring. At press time, AVAX is trading at the level of $70.67.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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