The VeChain Foundation is a non-profit organization that supports the VeChain public blockchain platform. The organization announced that their repo address was leaked at 12:27 PM EST on Friday (ie 1:27 AM Beijing time). .
1.1 billion VET, about $ 6.4 million, was transferred to this address: 0xD802A148f38aBa4759879c33E8d04deb00cFB92b.
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The company believes that the hack was the result of an artificial result from its financial and auditing teams. They said that this did not reflect any inherent flaws in their standard processes or hardware wallet solutions.
The company stated in the announcement:
"The security breach was most likely due to the misconduct of a member of our finance team who created a repo account without fully following the standard processes approved by the foundation, and due to human error, our audit team Found this misconduct. We want to emphasize that the incident has nothing to do with the actual standard process or the effectiveness of VeChain's hardware wallet solution. "
After the hacking, the VeChain team has published a list of addresses related to hacked addresses and required all exchanges to mark and freeze any funds from these addresses. The company also reported the incident to Singapore law enforcement and hired cyber security service provider Hacken to ascertain the details of the hack.
VeChain was established in Singapore in 2015 and has a blockchain-based lending platform to help customers determine the quality of products purchased through supply chain analysis. The platform contains two tokens-VET and VeThor (VTHO)-the former is used to make payments through its network, and the latter is used to execute smart contracts and run applications on the blockchain.
VeChain's repurchase program began on July 5th and plans to repurchase $ 25 million worth of tokens. The tokens accumulated in the foundation wallet will not be burned, but will be used to generate VTHO and then distributed to partners to test the VeChain blockchain application.