Vee Finance Suffers an Exploit of $35M on Avalanche

Vee Finance, a decentralized finance (DeFi) platform became the latest victim of an exploit this year.


Vee Finance, a decentralized finance (DeFi) platform became the latest victim of an exploit this year.
Vee Finance | Image: Vee Finance

In a Twitter post, Vee Finance announced that its platform may have been exploited. The team said,


"Our platform may have been exploited. All services have been paused. We are investigating the cause, please follow our official accounts for the latest update."

In addition to this, the company addresses the incident in its medium blog. Vee Finance said that the total assets involved in this incident are about $35 million. However, the assets in the Stable Coin sector were not affected by the attack, including USDT.e, USDC.e, and DAI.e assets.


But prior to this announcement, the team posted a small message on September 20, notifying its community that they have monitored a number of abnormal transfers. After further checking, a total of 8804.7 ETH and 213.93 BTC were attacked.


After investigation, the Vee Finance team said the attacker has launched the attack and has collected the stolen assets in his address.


Moreover, the team added they have suspended the platform contracts to ensure the safety of more users’ assets, and the deposit and borrow function.


Following this incident, Vee Finance's price dropped by 39.42% in the last 24 hours. Currently, it is trading at $0.127672 with a 24-hour trading volume of $168,640 USD on CoinMarketCap.