VEE Finance endures cyberheist attack costing US$35 million
Avalanche (AVAX) Blockchain network-based DeFi platform VEE Finance recently fell prey to a September 21 cyberheist. The alarming incident led it to lose 8,804 ETH (US$26 million) and 213 BTC (US$ 9 million), per Bitcoin.com. As a result, the DeFi platform’s contracts now stand suspended. Adding handsomely to AVAX’s total value locked (TVL), the VEE project recently announced a cyberattack.
In its twitter announcement, VEE Finance tweeted the following:
🚨http://Vee.Finance Incident Announcement The VEE Finance team has suspended the platform contracts to ensure the safety of more users’ assets, and has suspended the deposit and borrow function. The Stable Coin section is not affected by the attack.
The Vee Finance team has suspended the platform contracts to ensure the safety of more users’ assets, and has suspended the deposit and borrow function. The Stablecoin section is not affected by the attack,@VEE Finance (September 21, 2021)
Per the address monitoring update, the hacker has not transferred or processed the cyberheist money yet. VEE Finance is scouting the incident to further the talks with the hacker for returning the assets. Committed to safeguard the interests of their users.
Avalanche is “blazingly fast, low cost, and eco-friendly. AVAX is acclaimed to be the “fastest smart contracts platform in the blockchain industry.” Per its time-to-finality, it is a vital layer of security, having the most validators sourcing its activity owing to the proof-of-stake protocol.
Above VEE Finance
VEE Finance bridges “the gap between traditional banking and crypto DeFi.“ You can earn fixed or flexible deposited assets’ return. It offers the following bridges:
- Ethereum – Avalanche
- Fiat – Avalanche
- CEX – Avalanche