Hackers Steal About 1.1 Billion VET from VeChain
December 13, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Singapore-based VeChain Foundation announced that attackers stole about 1.1 billion VET ($6.6 million) from its wallet, which was used in the token buyback program.
VeChain reported that all wallet addresses associated with the address of the hacker are noted in the VeChainStats service, and this list will be automatically replenished with the addresses to which the hacker will send stolen tokens.
As the VeChain Foundation stated in its notification, it tracks the movement of the VET in real-time and has already taken the necessary measures. The organization has notified all cryptocurrency exchanges so that they also track and freeze any coins coming from the address of the attacker, as well as block the withdrawal of any crypto assets to the corresponding wallets.
VeChain has already launched an investigation, reporting the incident to Singapore law enforcement. In addition, VeChain tries to independently determine the motives and methods of committing theft. The investigation also involves the Hacken team and vechainstats.com, who have vast experience in the field of cybersecurity and data management on the blockchain.
“Security breach was most likely due to misconduct of one of the team members within our finance team, who have created the buyback account without thoroughly obeying The Standard Procedure approved by the Foundation, and our auditing team did not pick up this misconduct, due to human error,” suggested VeChain management, adding that this incident is not related to the effectiveness of the current standard procedure or VeChain hardware wallets.
The organization will keep users informed of developments. Recall that last month, Chinese authorities approved a tea tracking platform developed by VeChain. In addition, China plans to use the VeChain platform to import products from France.
Author: Marko Vidrih
