Market

Vee Finance (VEE) Hacked, Lost $ 35M, VEE Price Dropped More than 55%

The DeFi Vee Finance project was the next victim of market hacking, estimating losses of up to $ 35 million, despite just being launched on Avalanche.

Vee Finance was hacked and lost over 8,800 ETH and 214 BTC

There are very few details about this attack at this time, but the Vee Finance team has issued a warning that the protocol is now being exploited:

https://twitter.com/VeeFinance/status/1440102406499356675?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“Note: Our platform has been hacked. All services are suspended. The cause is currently being investigated. ”

They then quickly pointed out the fraudulent contract address and announced they would start an investigation as soon as possible. In the announcement, Vee Finance also said the total damage was 8,804.7 ETH and 213.93 BTC. The platform has now frozen futures contracts and stopped depositing and borrowing services to keep users safe. The project claims to contact the hacker to recover the stolen funds.

That news was a real joke because just the day before the DeFi Protocol on Avalanche posted a blog post about the Total Value Locked (TVL) reaching $ 300 million. Vee Finance issued an airdrop promoting a 600% return on VEE / AVAX liquidity mining pools.

VEE price collapsed after hack | Source: CoinMarketCap

It’s no surprise that VEE price has plummeted in the past few hours. From a September 21 high of $ 0.235, VEE price has fallen more than 55% to $ 0.08876. The token price hit an all-time high of $ 0.854 on September 18 and plummeted 85% after mining today.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.