The Vee Finance project on the Avalanche blockchain reported a massive hack. The hacker withdrew 8,803.7 ETH ($ 26.2 million) and 213.93 BTC ($ 9 million) from the project’s smart contract.
At the moment, there are no details about how the smart contract was hacked. Vee Finance developers are investigating the incident, but for now they have completely suspended the project.
Interestingly, the hacker moved all the stolen coins to one address, where they are at the time of publication. The total value of the funds lost by the project was $ 36.2 million, while the pools of stablecoins remained intact. Considering that the hackers are not withdrawing the stolen money so far, it is possible that these are “white hackers” and later they will return the tokens to the Vee Finance developers.
The Vee Finance project cannot be called overly popular, but a few days ago the total amount of funds blocked in the project exceeded $ 300 million. Thus, attackers managed to steal more than 10% of the total amount of cryptocurrencies in the project pools. The project promised up to 600% per annum in VEE / AVAX pools.
After the hack, the project’s own token VEE collapsed by 45%. It is currently trading at $ 0.11. Note that regardless of the attack, the token has been falling for several days in a row – on September 18, VEE was trading at $ 0.85.
On September 20, it was reported that the pNetwork interoperability project was hacked. Hackers gained access to the pBTC “bridge” on the Binance Smart Chain and stole 277 pBTC ($ 12.7 million).
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.