The security of Vee.Finance is our highest priority, and the team focuses on building a protocol that is reliable and safe. With the V2 running stably for almost a week, we would like to update the community about the measures we have taken to ensure the safety and security of the funds in our platforms.
1. Fix vulnerabilities. After the attack, we carefully reviewed the timeline of the attack and located vulnerability in the smart contracts, as described in the incident report, and also several following analyses were done by other security companies. After re-checking and modifying all the contract code, we decided to suspend the Trade function in V2. By doing this, similar attacks will be eliminated.
In addition, the smart contract code for the V2 Crypto and Stable Coin sector is now identical, the only differences are the interest rate model and the collateral rate. The fact that the V1 stable coin sector was not affected by the previous attack proves that the V2 Crypto sector’s smart contracts are safe and secure.
2. Oracles. Vee.Finance Protocol has fully integrated with Chainlink to power the Vee.Finance price oracle network and the V2 Crypto sector currently support the top tokens that Chainlink provides price feeds, making it basically impossible for any attacker to manipulate the price of BTC or ETH.
3. Security audit. V2 smart contract code has passed the security audit by SlowMist. It is important for us to get a full audit of the protocol to enhance security, SlowMist not only audited the V2 smart contract code but also did a complete audit of all security-related steps. You can find the full audit report here.
4. Internal testing. Before V2 went live, we had performed all unit tests in detail internally, testing all functions and implementable scenarios so that the same or similar attacks will not succeed in the future.
5. Monitoring the on-chain and off-chain activity. We have updated our services to continuously monitor the suspicious activities in the V2 pool and arranged dedicated personals to monitor the backend 24/7. Once there is a suspicious fund transfer, we will immediately trace the source and take appropriate measures to ensure the safety of the fund platform.
With these measures taken, we are very confident that V2 is safe and secure, welcome every one of our supporters to try it out and enjoy the VEE rewards.
Vee.Finance is a DeFi lending platform for traditional financed and crypto users alike. We are committed to bridging the gap between traditional finance and DeFi and providing users with better digital asset management services. Our mission is to reduce barriers for traditional users to participate in DeFi and optimize the efficiency of global asset allocation.