+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeNewslettersNextShare
 

Avalanche-based DeFi platform Vee Finance says it's lost $35 million in ether and bitcoin in a crypto hack

Sep 22, 2021, 17:46 IST
Business Insider
Hacker NurPhoto / Getty Images
  • Vee Finance said on Tuesday a total of 8,804.7 ether and 213.93 in bitcoin had been attacked on Monday.
  • The company said they located the address that collated $35 million worth of crypto and suspended it.
  • This is the second major hack on an avalanche-based platform in a week.
Advertisement
Avalanche-based decentralized finance (DeFi) platform Vee Finance said Tuesday it had been hacked and a total of around $35 million worth of bitcoin and ether had been stolen by a single account.

Vee Finance, a crypto payment company, announced Sunday the total value locked on its platform was $300 million. Some 8,804.7 ether and 213.93 bitcoin fell prey to Monday's attack. The company updated its clients and advised them to not use its services on Wednesday .



This is the second attack on an avalanche-based platform in a week. The first hack was on Zabu Finance, a DeFi protocol that supports peer-to-peer activity without a central player like a bank or broker, which said it had lost $3.2 million to an attack on September 13.

"According to address monitoring, the attacker has not yet transferred, or processed, the attacked assets any further. We are actively dealing with it and have proactively communicated to the attacker on the chain," Vee Finance said in a statement.

Advertisement



"At the same time, we are working with contract auditors and exchanges in the industry to locate the attacker and assist in recovering the assets," Vee Finance added.

The company, whose partners include the Avalanche blockchain, and Chainlink, a platform that creates DeFi applications, said it had contacted the hacker and was trying to negotiate a solution.

Vee Finance said they were able to locate the address, suspend it and had stopped the deposit-and-borrow function. All pending orders had been suspended and no new ones could be created, it said. However, it said existing users can still withdraw money and their stablecoin section was not affected.

Next Article