September 25, 2022

Hacker robbed VeChain Fund crypto wallet for $ 6.6 million

Hacker robbed VeChain Fund crypto wallet for $ 6.6 million

VeChain Foundation announced that it had cracked a token buyback wallet and stolen 1.1 billion VET, which at the time of the incident was about $ 6.6 million.

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

The organization claims that the reason for the hacking was the human factor, and not a gap in the security system of 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 is ranked 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 have noticeably intensified. The previous major one happened at the end of November, when 342,000 ethers worth $ 50 million were stolen from the Upbit crypto exchange.