September 26, 2022

An attacker withdrew 1.1 billion VET tokens from a VeChain Foundation wallet

VeChain Foundation reported a wallet hack that was involved in the token buyback program.

Approximately 1.1 billion VET tokens (~ $ 6.4 million) were transferred by the attacker to the address that was appropriately marked on the VeChainStats service.

An attacker withdrew 1.1 billion VET tokens from a VeChain Foundation wallet

Similarly, the rest will be markedaddresses to which the hacker will send stolen funds. The organization also notified various exchanges that they track suspicious activity and prevent the movement of funds from the attacker's address to the corresponding wallets.

“We launched an investigation into each fact related to the address to determine the motive, method and flow of data behind this malicious actSays the Vechain Foundation blog. - A security hole is likelyformed as a result of dishonest actions of one member of our team related to finances, who created an account for the purchase of tokens, not following the standard procedure approved by the organization ”

The organization sought help fromcyber security teams Hacken and vechainstats.com. Other crypto assets at the disposal of the VeChain Foundation are also checked to avoid continued diversion of funds.

Law enforcement authorities of Singapore, where the project is based, have been notified of the incident.

Recall that this summer VeChain announced the launch of a joint food safety project with Walmart in China.