Vee Finance Reports $35 Million Loss After Crypto Hack

September 24, 2021

Vee Finance, a decentralized finance platform for crypto enthusiasts, has revealed it has lost $35 million in crypto assets after recognizing an exploit within the program.

Administrators monitoring the platform's service were forced to pause services earlier this week after noticing suspicious activity. According to a report from Cointelegraph, hackers stole 8,804 Ether coins (ETH), and roughly 214 Bitcoins.

Representatives with Vee Finance have yet to provide additional details as to how this hack was successfully executed, but did provide a statement on Twitter referencing the attack.

“To all community members: The team is actively working with security companies to investigate the attack. Recover the fund is our top priority.  We have already contacted the authorities and filed police report. We'll publish more details as soon as we have any.”

Shortly after the statement was made public, representatives returned to Twitter to announce a bounty payment for anyone able to identify the hacker and retrieve the stolen assets.

“We are putting out a 500,000USD worth bounty for the person or team who can track down the attacker and return the funds.Those with information relating to the attacker can contact us at:  [email protected] via email.”

Crypto currency has maintained a reputation in the tech space as a highly secure payment/investment option, but is now being questioned as cyberattacks continue to skyrocket on multiple platforms.  This news points on the obvious necessity for enhanced security measures, as well as the importance of developing strategies for protecting customers from potential theft. If crypto intends to succeed in the long term, platform providers must step up their game to instill confidence in those who are skeptical of the promises of this emerging technology.

Edited by Maurice Nagle

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