November 29, 2023

Hacker robbed VeChain Fund crypto wallet for $ 6.6 million

Hacker robbed VeChain Fund crypto wallet for $ 6.6 million

The VeChain Foundation reported the hacking of a wallet for the buyback of tokens and the theft of 1.1 billion VET, which at the exchange rate at the time of the incident was about $6.6 million.

The attacker transferred all the funds to his personalthe address that the organization flagged, starting to track further movements of assets, and also notified all exchanges where the cryptocurrency is traded, and contacted law enforcement agencies in Singapore.

The organization claims that the hack was caused by human error and not a security gap in software or hardware solutions.project. According to the representatives of the fund, most likely, the leak is due to the fact that when creating the account one of the employees partially violated the approved standard procedure. However, the company did not blame him for what happened because the error was unintentional.

After the incident, an investigation was launched into the security of other crypto assets held by the Fund to prevent a recurrence of the situation.

At the time of publication, VeChain ranks 30th in terms of capitalization. After the publication of the theft, the VET rate fell by almost 7%.

By the end of the year, cybercriminals became noticeably more active. The previous major one occurred at the end of November, when 342,000 ether worth $50 million were stolen from the Upbit crypto exchange.