VeeFinance Gets Hacked $35 Million After Launch

Cybercriminals cause a lot of damages as much as offline criminals. We have seen how lots of people have been made to pay a huge sum of ransom money to these hackers because they are been threatens by hackers one way or the other. These hackers find a loophole in their system and exploit what was supposed to be their safe space, turned it into a hostile space where most people get bullied, if it’s a financial organization they end up stealing their money. This is the reason most organizations especially the financial related ones spend lots of money yearly making sure their system is highly secured. Because the damage hackers can do to is highly unimaginable, they can go to the extent of telling a company to shut down.

Lately hackers have found the decentralized finance(Defi) a hacking playground to hack and collect funds from them. This is because the defi sector has seen a massive amount of growth financially, so it’s the hottest spot for hackers to siphon lots of dollars. Some Defi have been lucky to have gotten most of their money returned back to them but some didn’t get the same grace. The latest defi to get hacked is the Vee finance, a defi platform on the Avalanche blockchain.

The Defi platform is bare 3 weeks old which just started getting investors stake their funds making the platform reach a $300 million TVL( Total Value Locked). It’s really a tough start for a new defi to be getting within its first month. Just like other defi platforms that got hacked in the past, the hackers exploited a loophole in the smart contract and made a way with $35 million worth of assets. These assets included both Bitcoin and ETH. Just as every other defi platform, the platform stopped most operations from working on the platform to prevent further losses.

This is an embarrassing moment for the team because this isn’t a good way to start an investment platform. The team haven’t said anything further about the hack, you wouldn’t blame them. Well I was going to say that experiences from the past regarding other defi platform would have taught them the importance of cyber security, but cyber criminals are getting smarter and smarter everyday. This is the reason some companies try to hire their hacker because the only way to catch a thief is to use a thief because they think alike. source

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