Vee Finance Hit for $35M in Second Major Exploit on Avalanche

Decentralized finance (DeFi) platform Vee Finance has been hit for an exploit of around $35 million in the second major attack of an Avalanche platform.

The platform was attacked for a total of 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million) on Sept. 20, Vee Finance announced Tuesday, adding that the stablecoin section was not affected by the attack.Vee Finance also highlighted the address through which the attack was launched and where the stolen assets remain collected for the time being.Details of the nature of the attack remain scant, though Vee Finance subsequently published a tweet addressing the attacker directly. “We’re willing to launch a bounty program for the bug you identified. Please connect us via email or other contact you prefer,” it said.Vee had announced Saturday that total value locked on its platform had surpassed $300 million.In the wake of the exploit, the value of native token VEE tanked from over $0.25 to $0.085, according to CoinGecko. At the time of writing, its price had recovered somewhat to nearly $0.11.The exploit follows a $3.2 million hack of Avalanche-based DeFi protocol Zabu Finance earlier this month, thought by analytics provider DeFiprime to be the “first big exploit” on the Avalanche blockchain.

Read more: Cross-Chain DeFi Site Poly Network Hacked; Hundreds of Millions Potentially Lost

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