DeFi Hack: Vee Finance Losses $35 Million To Hackers Following Mainnet Launch

One of the major threats to businesses online, not only the crypto industry, is cybercriminals’ attacks. Even though the existing networks are supposed to be safe and secure, attackers often find loopholes to exploit them in the bid to steal investors’ funds. This is not new in the online world. There have been occasions when hackers even forced companies to shut down. The decentralized finance sector has seen a lot of growth in recent times, but the growing exploitation cases are becoming alarming. Many protocols have suffered such attacks amounting to losses to the tune of millions of dollars. The latest to record such an exploit is Vee Finance based on the Avalanche Blockchain. Hackers stole $35 million from this protocol a few days after its mainnet went live on the host network. Before reporting this incident, Vee Finance stopped all its transactions on September 20, 2021. The team suspected questionable activities in the network and had to stop rendering services to users. Vee Finance Lost Money In BTC And ETH The two cryptos that hackers stole are BTC and ETH. The total number of BTC was 214, while ETH was 8,804. Checking the value of both at press time, the amount was above $35M. According to what the team revealed, the hackers targeted a particular address through the trade contract address of the protocol. Related Reading | Will Fear And Greed Keep Bitcoin Buyers From The Halloween Effect? As soon as the V...