Defi Hack: Vee Finance Looses more than $35M in Bitcoin ($BTC) and Ethereum ($ETH)

In the season of Defi Hacks, Vee Finance was caught in the storm next. The Defi lending platform for traditional finance and crypto was hacked last night. The organization revealed the attack through its Twitter handle and further elaborated on the breach in its community announcement post. Vee Finance team shared that they had monitored several abnormal transfers earlier yesterday and found that they were under attack and had lost a total of 8804.7 ETH and 213.93 BTC.

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.

Thanks!

— vee.finance?? (@VeeFinance) September 20, 2021

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Furthermore, Vee Finance announced a suspension of the platform contracts to ensure the safety of more users’ assets, along with their deposit and borrowing services. However, the organization has relieved the users, confirming through constant address monitoring that the attacker has not transferred or processed the stolen assets further, as of now.

“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.”

Defi Hacks, the September Saga

September has not only been historically bearish, but it has also rained cyber hacks one after another. Including Vee Finance, CoinGape has now reported four Defi hacks in the month of September alone, and it is not even over yet. The Defi hacks’ September saga took off with CREAM Finance.

C.R.E.A.M. Finance was exploited for 462,079,976 in AMP tokens and 2,804.96 ETH tokens. The network revealed that this was the first time ever that someone was able to directly exploit its Defi protocol. The organization shared that the hack was in phases, with the main exploit along with a smaller copy-cat.

Next in line was the DEX protocol, NowSwap which lost more than 1 million USD in funds. The attackers stole 535,000 USDT and 158 WETH. USDTs are converted to ETH through the distributed network service, 1inch, and further transferred to the Ethernet Square anonymous trading platform, Tornado Cash. Lastly, yesterday, pNetwork also alerted the community of a 277 Bitcoin (BTC) hack, that amounted to 12.67 million in USD.

About Author

Palak Malhotra

Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0