VeChain Foundation repurchase wallet stolen, $ 6.4 million missing

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). .

crypto

1.1 billion VET, about $ 6.4 million, was transferred to this address: 0xD802A148f38aBa4759879c33E8d04deb00cFB92b.

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Bella Fang: The exchange is at the top of the food chain. How can small and medium-sized projects seize this channel?

On the afternoon of the 9th, at the 2nd Global Blockchain Summit·Wuzhen site hosted by Babbitt, Bella Fang, foun...

Blockchain

Lies of the trading platform——how to dynamically check the authenticity of transactions on the exchange

I. Overview of market transactions As an important participant and builder in the blockchain ecosystem, cryptocurrenc...

Market

Latest Interview with Zhao Changpeng: Being "Under the Microscope" of Regulation, Market is Recovering in Bearish Period

On May 29th, Binance CEO Changpeng Zhao gave an interview to Bankless discussing his views on the current state of th...

Market

Semafor The US Department of Justice is considering fraud charges against Binance, but is concerned about a FTX-style run in the market.

Insiders say that federal prosecutors are concerned that if they were to prosecute Binance, it could lead to a run on...

Blockchain

FCoin latest progress: Zhang Jian announces wallet address, defenders confront Zhang Jian's family, Hangzhou police will not file a case

Since last night, a series of incidents have occurred in FCoin. First, Zhang Jian's wife, parents and sister wer...

Blockchain

Babbitt exclusive | imToken built-in DEX upgrade independent, August will have heavy news release

Babbitt News, July 31, imToken built Tokenlon officially upgraded to an independent decentralized exchange (DEX) . It...