Still on DeFi hacks, Vee Finance is the latest project to be affected. The hacker made away with more than $35M worth of Bitcoin and Ethereum. All services have been paused with an investigation ongoing.
Vee Finance was the second victim in the season of Defi Hacks. Last night, the Defi lending network for traditional banking and cryptocurrency was hijacked.
The group announced the attack on Twitter and went on to explain the breach in a community notice post. The Vee Finance team revealed that they had discovered that they were under assault and had lost a total of 8804.7 ETH and 213.93 BTC after monitoring several unusual movements earlier yesterday.
Announcement: Our platform may have been exploited. All services have been paused. We are investigating the cause, please follow our official accounts for latest update.
— vee.finance🔺 (@VeeFinance) September 20, 2021
Vee Finance also announced the suspension of platform contracts in order to protect additional users’ assets, as well as their deposit and borrowing services.
However, the corporation has reassured the users by establishing that the attacker has not yet transferred or processed the stolen assets through persistent address monitoring.
“The VEE team is actively working to further clarify the incident and will continue to try to contact the attacker to recover the assets. We are taking and handling this incident seriously and will do our best to protect the interests of VEE Finance users. We will keep you updated on this matter through our social media and community announcements.”
Recent Defi hacks
September has been historically pessimistic, but it has also been a month of cyber hacks following hacks. The September story of the Defi hacks kicked began with CREAM Finance.
C.R.E.A.M. Finance was used to obtain 462,079,976 AMP tokens and 2,804.96 Ethereum tokens. This was the first time the network’s Defi protocol had been explicitly exploited, according to the network. The hack was in stages, according to the organization, with the main exploit and a lesser copy-cat.
The DEX protocol, NowSwap, came in second, with a loss of over a million dollars. The thieves made off with 535,000 USDT and 158 WETH.
USDTs are converted to ETH using 1inch, a distributed network service, and then transferred to Tornado Cash, an anonymous trading platform run by Ethernet Square. Finally, pNetwork informed the community yesterday of a 277 Bitcoin (BTC) hack worth $12.67 million USD.