Vee Finance, an Avalanche-based platform for decentralized finance (DeFi), stated Tuesdayit that a single account had stolen around $35 million in bitcoin and ether.
Vee Finance, a cryptocurrency payment company, announced Sunday that the platform had a total value of $300 million. Monday’s attack resulted in the loss of 8,804.7 ether, and 213.93 bitcoin. The company informed its clients and advised them not to use its services on Wednesday.
This is the second attack on an platform that uses avalanche to generate revenue in less than a week. Zabu Finance was the first to be hacked. This DeFi protocol supports peer-to–peer activity and does not require a central player such as a broker or bank. It reported that it had lost $3.2 Million to an attack on September 13.
According to address monitoring, the attacker still hasn’t transferred or processed the stolen assets. Vee Finance stated in a statement that they are working on it and had proactively communicated with the attacker on the chain.
Vee Finance stated, “At the same, we are working alongside contract auditors, exchanges in industry to locate and assist with recovering the assets.
Chainlink, which creates DeFi apps, and the Avalanche Blockchain were among the company’s partners.
Vee Finance claimed they were able locate the address and suspend it. They also stopped the deposit-and borrow function. It stated that all pending orders were suspended and that no new orders could be made. It said that existing users could withdraw money as normal and that their stablecoin sections were not affected.