NEW DELHI: Vee Finance, the DeFi (decentralized finance) platform of Avalanche (AVAX) blockchain network, has lost $35 million in a major cyber attack on 21st September.
The cyber heist ripped off 8,804 ethers worth $26 million and 213 bitcoins worth $9 million from the platform. Bitcoin.com reports. Stablecoins remained undisturbed from the heist.
The Vee Finance team has currently suspended the defi platform contracts, including deposit and borrowing function to ensure safety of remaining assets of the users.
In a Medium post, Vee Finance revealed the address too, which was exploited in the cyber attack and where the stolen assets are currently stored.
According to the investigation so far, the attackers have not transferred the funds to another address.
The DeFi platform tweeted the very day about launching a bounty program to reward the attackers for identifying the bug. The platform further asked the attacker to contact them through email if they agreed to the contract.
On 18th September, Vee Finance had announced in a tweet about a total value worth over $300 million being stored on the platform.
The value of native token VEE also dropped to $0.085 from $0.25 in the aftermath of the heist according to price tracking app, CoinGecko.
Avalanche blockchain (AVAX) that was launched in September 2019 focusses on low-cost and high-speed transactions. It has drawn investment from big DeFi applications like Benqi.fi, Trader Joe, Lydia Finance, Shroom Finance and Osiris.
This is the second attack on AVAX ecosystem, first being its another DeFi platform Zabu Finance which lost 4.5 billion tokens worth $3.2 million after the cyber attack on September 12.
Zabu Finance had compensated investors by returning the tokens, based on their balances, before and after the hack.
(For the latest crypto news, investment tips and real-time price updates, follow our Cryptocurrency page.)
The cyber heist ripped off 8,804 ethers worth $26 million and 213 bitcoins worth $9 million from the platform. Bitcoin.com reports. Stablecoins remained undisturbed from the heist.
The Vee Finance team has currently suspended the defi platform contracts, including deposit and borrowing function to ensure safety of remaining assets of the users.
In a Medium post, Vee Finance revealed the address too, which was exploited in the cyber attack and where the stolen assets are currently stored.
According to the investigation so far, the attackers have not transferred the funds to another address.
The DeFi platform tweeted the very day about launching a bounty program to reward the attackers for identifying the bug. The platform further asked the attacker to contact them through email if they agreed to the contract.
On 18th September, Vee Finance had announced in a tweet about a total value worth over $300 million being stored on the platform.
The value of native token VEE also dropped to $0.085 from $0.25 in the aftermath of the heist according to price tracking app, CoinGecko.
Avalanche blockchain (AVAX) that was launched in September 2019 focusses on low-cost and high-speed transactions. It has drawn investment from big DeFi applications like Benqi.fi, Trader Joe, Lydia Finance, Shroom Finance and Osiris.
This is the second attack on AVAX ecosystem, first being its another DeFi platform Zabu Finance which lost 4.5 billion tokens worth $3.2 million after the cyber attack on September 12.
Zabu Finance had compensated investors by returning the tokens, based on their balances, before and after the hack.
(For the latest crypto news, investment tips and real-time price updates, follow our Cryptocurrency page.)