Progress on VEE.Finance Incident

Dear VEE Finance community partners.

In response to today’s incident on the VEE.Finance platform, the team would like to address the following FAQ that are of most concern to users.

1. Are assets on the VEE.Finance platform currently safe?

According to preliminary calculations, the total assets involved in this incident are about $35 million. As this incident occurred in the pending contract, the assets on the Stable Coin sector were not affected by the attack. Currently, USDT.e, USDC.e and DAI.e assets in the Stable Coin sector have not been attacked for the time being.

2. What can users do on VEE.Finance platform at the moment? Is it possible to access assets?

In order to protect the safety of more users’ assets, we have suspended all operation contracts.

Stable Coin Sector

The security of funds is not affected by the attack

The following functions are available

withdraw(if enough liquidity)

repay

The following functions are not available:

Borrow

Supply

Crypto Sector

Funds are affected by the attack

The following functions are available

withdraw (if enough liquidity)

repay

The following functions are not available:

Supply

Borrow

Trade: All pending orders are suspended (no new pending orders can be created, existing pending orders cannot be executed)

We would like to advise our users to suspend their operations on the VEE platform until further announcement. We will reopen contracts after the investigation is completed.

3. What is the current status of the attacked assets?

According to address monitoring, the attacker has not yet transferred or processed the attacked assets any further. We are actively dealing with it and have proactively communicated to the attacker on the chain. At the same time, we are working with contract auditors and exchanges in the industry to locate the attacker and assist in recovering the assets.

Attacker address.

0xeeeE458C3a5eaAfcFd68681D405FB55Ef80595BA

Communication information.

https://etherscan.io/tx/0x8af5730d2a4f3e2eb3e229f79d7ce6b6ee946fd228f182c6c3a70651acb98669

4. Has the VEE.Finance team made any progress in handling the incident so far?

As soon as the incident occurred, the VEE team has handled the incident around the following three aspects:

1. Contacting the attacker and trying to negotiate a solution

2. Monitoring the attack address, investigating the trend jointly with code review agencies and trading platforms, and finishing the incident report

3. Continue community announcements to announce the progress of the incident

The VEE team is taking this incident seriously and will do our best to protect the interests of VEE Finance users. We will complete the investigation and release the incident report as soon as possible, after which we will study the detailed compensation plan based on the incident results.

Thank you for your support!

VEE.Finance team

September 21, 2021

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