Decentralized finance platform Vee Finance, which is based on the Avalanche blockchain, has suffered from a hack that saw the loss of Ether and Bitcoin tokens worth US$35 million, the lending platform announced on Tuesday.

Fast facts

  • Vee Finance suspended the platform’s contracts as well as its deposit and borrow function to protect user assets following the attack, the company tweeted. The company added that the stablecoin section of the platform was unaffected by the attack.
  • The hacker stole a total of 8804.7 Ether and 213.93 Bitcoin tokens. The stolen funds were transferred to a wallet that has been identified by Vee Finance. So far, the attacker has not processed or moved the stolen tokens. The company said it is investigating the incident and it will attempt to contact the attacker to recover the stolen assets.
  • The attack on Vee Finance was the second hack on an Avalanche-based DeFi platform in less than 10 days. Zabu Finance suffered a hack that led to the loss of assets worth US$3.2 million on Sept. 12. The hacker had exploited a vulnerability in the way Zabu Finance recorded the number of tokens staked by users.
  • On Monday, multi-chain bridging protocol pNetwork, which helps transfer cryptocurrencies to supporting blockchains, was hacked. The attacker exploited a bug in pNetwork’s codebase and stole 277 Bitcoin worth around US$12 million from the Binance Smart Chain. In line with the tactic used by Poly Network, pNetwork has asked the attacker to return the stolen assets in return for a bounty of US$1.5 million. Last month, Poly Network suffered from the largest DeFi hack in history in which cryptocurrencies worth over US$600 million were stolen. The company offered the hacker a bounty and a job in exchange for the return of the assets. The attacker later returned the stolen assets to Poly Network as well as the US$500,000 bounty paid by the company.