Vee Finance Hit for $35M in Second Major Exploit on Avalanche

The platform was attacked for a total of 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million).

Sep 21, 2021 at 8:59 a.m. UTC
Updated Sep 21, 2021 at 2:55 p.m. UTC

Decentralized finance (DeFi) platform Vee Finance has been hit for an exploit of around $35 million in the second major attack of an Avalanche platform.

  • The platform was attacked for a total of 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million) on Sept. 20, Vee Finance announced Tuesday, adding that the stablecoin section was not affected by the attack.
  • Vee Finance also highlighted the address through which the attack was launched and where the stolen assets remain collected for the time being.
  • Details of the nature of the attack remain scant, though Vee Finance subsequently published a tweet addressing the attacker directly. “We’re willing to launch a bounty program for the bug you identified. Please connect us via email or other contact you prefer,” it said.
  • Vee had announced Saturday that total value locked on its platform had surpassed $300 million.
  • In the wake of the exploit, the value of native token VEE tanked from over $0.25 to $0.085, according to CoinGecko. At the time of writing, its price had recovered somewhat to nearly $0.11.
  • The exploit follows a $3.2 million hack of Avalanche-based DeFi protocol Zabu Finance earlier this month, thought by analytics provider DeFiprime to be the “first big exploit” on the Avalanche blockchain.

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Jamie Crawley is a CoinDesk news reporter based in London.