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$47M Lost In Two Days From DeFi Hacks


Over $47 million were stolen as DeFi Protocols pNetwork, and Vee Finance fell victims to the latest hack in just a span of two days. 

pNetwork Hack

On September 20, it was announced on the official pNetwork Twitter handle that an unknown hacker had stolen 277 BTC (worth around $12.7 million) from the DeFi bridging protocol. It was further revealed that the hacker exploited a bug in the network’s codebase and that the funds stolen were most of the platform’s collateral. The team also appealed to the unknown hacker to return the stolen funds in exchange for an 11.5% bounty i.e., a flat sum of $1.5 million. 

However, according to the latest update, there has been no response from the hacker who stole the funds. 

Similar Smart-Chain Hacks

Recently there has been a growing trend of smart-chain hacks happening across the DeFi ecosystem. Early in July, decentralized exchange THORChain was hacked for over $15.6 million in multiple attacks on the network in just a week. Then in August, the Poly Network also got hacked, where the hacker stole assets worth a record $600 million, which were however returned almost in their entirety. Other Binance Smart Chains, like PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, BurgerSwap, Belt Finance were also hacked in 2021 alone. 

Vee Network Exploited On Avalanche

In related news, decentralized, Avalanche-based finance platform Vee Network was exploited for $35 million. The hack, which was also announced by the company via Twitter, led to a system-wide pause on all Vee Network services and launched investigations. The investigation findings were published in a report on September 21, which stated that a total of 8804.7 ETH (around $26.2 million) and 213.93 BTC (around $9 million) had been stolen. Furthermore, it was also announced that since the incident occurred in the pending contract, the assets on the Stable Coin sector (i.e USDT.e, USDC.e, and DAI.e) were not affected by the attack. 

VEE Drops 85% From Sept 18 High

The attack happened a day after Vee Network announced that their total value locked (TVL) had hit $300 million. Unsurprisingly, the protocol’s native VEE token dropped drastically following the exploit. From a Sept 21 high of $0.235, VEE prices have slumped 45% to trade at $0.12 at the time of writing, according to The token, which had hit an all-time high of $0.854 on Sept 18, crashed by 85% due to the hack. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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