CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,580.00
  • ethereum
    ETH$1,615.13
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Avalanche-Based DeFi Lender Vee Finance Hacked for $36M in BTC and ETH

    Avalanche-Based DeFi Lender Vee Finance Hacked for $36M in BTC and ETH

    Author: Jordan Lyanchev

    Last Updated Sep 21, 2021 @ 10:55

    Vee finance is the latest decentralized finance protocol to be hacked, with $36 million worth of BTC and ETH stolen.

    A contract address belonging to the DeFi lending platform Vee finance has been exploited with the perpetrator swiping 8,800 ETH and 214 BTC. The attacker has not moved the funds yet, as Vee’s team claiming they have initiated contact to resolve the incident.

    • The protocol announced hours ago that it had halted all services as it became a victim of a security breach. The subsequent update provided the wallet the perpetrator used to transfer funds out of Vee’s address.
    • According to Etherscan, which has already marked the address as being involved in the Vee Finance hack, it currently holds 8,804 ETH and 214 Wrapped BTC (WBTC). With today’s prices, this amount has a USD value of over $36 million.
    • Vee explained that the attack transpired on a pending contract, and all assets in the stablecoin sector were not affected. Meaning, USDT.e, USDC.e, and DAI.e holdings are safe.
    • However, the protocol has halted all of its services to “protect the safety of more users’ assets” and failed to provide a precise timeframe when they will be resumed.
    • The attacker has not yet transferred the stolen fund. As such, the team behind the DeFi protocol is trying to “actively” deal with the situation and has reached out to the hacker to find a solution.
    • “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.”

    • It’s worth noting that this security breach comes just a week after the DeFi lander officially launched its mainnet on the Avalanche blockchain. In just 12 hours, the protocol’s total value locked reportedly grew by $100 million to over $300 million.
    • This is the second hack against a decentralized finance project since the start of the week. As CryptoPotato reported yesterday, pNetwork also fell victim, with over $12 million in various cryptocurrencies stolen.
    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • defi_hack_cover
      Another DeFi Hack: THORChain Compromised With up to $7.6M Stolen
    • CreamFinance
      Hacked C.R.E.A.M. Finance Promises to Repay Users With Protocol Fees and Offers 10% Bounty Bug
    • crash_cover
      Another DeFi Exploit: Bondly Finance Compromised, BONDLY Price Crashes 60% in Hours
    Tags: DeFi Hacking Security
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$23,580.00
  • ethereum
    ETH$1,615.13
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!