Latest Update&Compensation Plan (Sept. 25)

Since the attack, we have put all our effort into recovering the fund, since we believe it’s our top priority, and here is a list of actions we have taken and some of the progress:

Actions Taken

1. Immediately suspended the smart contracts for the security of the assets and updated progress with community users and media.

2. Tried to establish communication with the attack address and urged the attacker to contact us ASAP.

3. Worked with on-chain security auditing companies and DEXes to closely monitor the flow of funds. Analyzed the details about the attack.

4. Worked with security companies to investigate the attack. And collected pretty much of the attacker’s on-chain historical transaction and off-chain cipher activities.

5. Filed the police report to the local police station in the United States and put out a 500,000 USD worth bounty for the person or team who can track down the attacker.

Some Progress

1. According to on-chain activity monitoring, all assets have been transferred to the below addresses. For these addresses, we are still closely monitoring the flow of funds.

New ETH address

0x330432eEB335d4DcfFC5E5AF4b9aAA0beD07D083

0xEe33902b81eb4b4A6988EB4Ebbf7E9A72fd2E0B6

New BTC address

bc1qllja47tmhaf30au66vresj4797660q9zjw2q09

bc1qzx0rxtmcnzda8tjtuxxdp2yzs7duc759qykj6r

bc1qvv780kyw0w567ljswctvdge2mc40f25e45z3xz

bc1qtf2wyfxax3rsyqrky20ghkxv9d8glx5acvkckp

bc1qa8n6edadf5kqjsnzg6f3q485ft3mj5k2zavddz (Now moved to CoinJoin)

bc1q8nwwahgsx6x4j4x2y0j5wpmac3ju5qf35s9atr (Now moved to CoinJoin)

2. We have been closely monitoring the flow of funds, meanwhile we informed the central exchanges and wallet providers, and we really appreciate their support.

3. Through the analysis from our system’s log file, the attacker has been testing Trade for a while before he/she initiated the attack. Although well disguised, we have found more helpful and promising details.

4. We have handed over all the materials to the local authority, which are compiled by professional security companies. Due to the significant amount of loss and potential link to other DeFi attacks, the local authority has escalated this case to the FBI.

Compensation Plan

As a responsible platform, we will always put our customers first.

We believe that the loss caused by this attack should be considered as the platform’s debt to all lenders/depositors. Vee.Finance will bear all the losses. And we have decided to 100% compensate all lenders/depositors. Before all the debt is fully paid, here are our commitments:

1. All the users who have balance in the Supply/Borrow section, will continue to enjoy the VEE token mining.

2. Our security will be fully reviewed by external agencies.

3. The team’s token will NOT be released until the debt to our supporters is fully paid.

4. The source for the compensation comes from:

a) Recovered stolen assets. Recovering the assets is our top priority. We will update the recovery progress through our social media and community announcements.

b) Platform revenue. We will commit to allocating 100% of platform revenue toward repayment until this debt is fully paid. We will open a compensation pool and deposit our revenue to the pool, on a monthly basis. Users can withdraw funds from the pool according to the share of the loss.

c) VEE token, the native token of Vee Finance. We will initiate a community vote on the proposed release of shares in Reserve for compensation when the VEE token has enough liquidity.

The loss is from the 3 pools, BTC, ETH, and USDT. We are going to start a poll, where users who suffered loss can decide how we are going to compensate them, two options:

Option 1: All tokens convert to USDT.

Option 2: Tokens as they are.

Voting starts from September 26th 10 AM EDT ~ September 29th 10 AM EDT. By that time, you can connect to https://vee.finance/dashboard to vote.

We’ll publish our platform restart plan in the next several hours.

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A lending protocol platform on Avalanche that bridges the gap between traditional financial users and crypto users. https://vee.finance/home

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Vee Finance

A lending protocol platform on Avalanche that bridges the gap between traditional financial users and crypto users. https://vee.finance/home