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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.
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As soon as the Vee Finance team discovered this exploit, they stopped rendering the contract and also stopped all borrowing and depositing functions on the platform.
However, the team hasn’t said much about the reason and how the hackers got access to the address. All we could gather is that they’re fixing the issue and attempting to facilitate a possible funds recovery from the criminals.
In its statement, Vee Finance assured users that its goal is to protect their interests, and that’s what the team will focus on achieving.
Vee Finance To Alleviate Mining Operations
The recently exploited protocol is amongst the emerging DeFi projects that aim to improve the mining features of the sector.
Vee Finance wants to boost processes such as leverage mining, liquidity mining, and transaction mining. September 14 was the day it went live on the Avalanche network. It also launched its liquidity mining feature the same day.
Like many other DeFi protocols, Vee Finance also relies on Chainlink price feeds to get real-time value for digital assets on-chain. This is part of the benefits of using blockchain oracle solutions. Five days following the launch, the protocol garnered a total of $300 million in TVL (Total Valued Locked).
Unfortunately, a few days later, the protocol lost $35 million to hackers. In recent times though, many other protocols on the Avalanche blockchain have recorded such losses.
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Some of them include Zabu Finance, which lost $3.2 million to hackers, crashing its value to zero. But the Avalanche Blockchain has been growing recently, and even the native token, AVAX, is also rising in value.
The AVAX Token is rising by 10% as per the chart | Source: AVAXUSD on TradingView
Featured image from PYMNTS, charts from TradingView.com
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How Avalanche’s bridge to ETH and BTC could take over DeFi
Conceived as a blockchain ecosystem to launch DeFi and DApss and supported by a 3rd generation consensus protocol, Avalanche has recorded one of its best weeks since its launch. The fundamentals of its native token AVEX remain strong and as it gains more attention in the crypto space, it looks poised for another rally.
Ava Labs CEO Emin Gün Sirer confirmed that the platform recorded close to 1 million transactions on its smart contract blockchain. The surge in transaction volume, as reported by Sirer, occurred in the last two months adding that “Avalanche is becoming the most advanced public-goods layer-1.”
The platform was deployed with the capabilities to be “highly scalable and interoperable” even for corporate use. In that regard, Sirer stated that compatibility with Ethereum’s Virtual Machine has become a must-have for Avalanche and any other project looking to stay competitive in the DeFi and the layer-1 space.
Outlining how investors have been able to take advantage of Avalanche’s features in combination with Ethereum, Sirer said:
Multiple bridges enable assets to flow between the Avalanche and Ethereum ecosystems, putting users in-control of their DeFi strategies and exposure to fees. Just six months after the mainnet launch, this design and unique approach to interoperability is fueling the network’s first big wave of growth in users, applications, and assets.
Bridge to Bitcoin and competing in DeFi
High fees on Ethereum’s blockchain have caused a migration of users to lower-cost alternatives. Sirer argues that Avalanche is, along with Binance Smart Chain, one of the platforms that have seen a significant increase in user activity.
Avalanche to Ethereum (AEB) interoperable bridge was launched in early February and, since then, records a total of 970,000 transactions with its smart contract, 58,000 unique wallets created and $110 million in assets transferred, according to data shared by Sirer. Ava Labs CEO added:
API Requests are also skyrocketing, demonstrating that it’s not just a few whales diving in, but a rapidly developing DeFi ecosystem on Avalanche. Just last week, Avalanche APIs received 792.65M requests, including a period of 46.6M in just 3 hours.
It is expected that new bridges will be created between Avalanche and other blockchains, including one with Bitcoin, already in a test phase. More than 50 projects are working on the platform, with participation from Chainlink, SushiSwap, Fulcrum, among others.
In addition, Sirer reports rapid growth of automated marker makers and yield farms operating on Avalanche with Complus Network, YetiSwap, and others amassing a total of 6% of AVAX’s market capitalization. Sirer said:
Avalanche is leading the way in creating entirely new crypto assets like Initial Litigation Offerings, which unleashes the $10B asset class of litigation financing from the clutches of a privileged class of investors and into an open, fair, and transparent marketplace.
Avalanche’s platform has implemented improvements such as Sharding, Signature-separated transaction format, support for Bech32 addresses, transaction fee burning. Therefore, Avalanche is emerging as one of the strongest competitors to take the DeFi crown.
Native token AVEX has posted an 11.2% increase on the weekly chart and trades at $28.74. After a pullback from its high at $55, AVEX has plenty of room for future growth.
