The VeChain project wallet, which stored a huge amount of VET tokens, was hacked. CurrentlyVeChain is working hard to control the damage as effectively as possible and is trying to lock up stolen assets. The incident is described in detail by the company on Twitter and Medium.
An initial announcement on the Foundation buy-back address. https://t.co/hohKF4J0fE
— VeChain Foundation (@vechainofficial) December 13, 2019
Thus, the hacker managed to steal 1.1billion VET tokens, with a valuation of approximately $6.4 million at current VET prices. The funds were transferred to the blockchain address 0xD802A148f38aBa4759879c33E8d04deb00cFB92b. The VeChain Foundation has flagged the address the hacker is trying to move funds to in hopes of preventing him from cash out of his stolen cryptocurrency.
To prevent further problems from the hack, the VeChain Foundation took a number of steps, including immediately reporting details of the incident to the community.
In addition, the project appealed to everyonecryptocurrency exchanges, asking them to “monitor, blacklist and freeze any funds coming from the hacker’s address.” Vechain has also launched a full-scale “investigation” into the address to determine the “motive, method and data flow.”
VeChain has also attracted a team of experts inblockchain and cybersecurity for research. At the moment, the project is checking the security of other wallets of the fund to make sure they are reliable. Finally, the incident has been reported to local law enforcement agencies in Singapore, who will also conduct further investigations into the crime.
As soon as more information becomes available, the team promises to release another update, and is doing its best to be as transparent as possible with VeChain token holders.
We recall a week earlier the price of Vechain rosea quarter thanks to a new collaboration with Microsoft. Current news has also affected the price, only this time negatively. At the time of writing, cryptocurrency is trading at 81 Satoshi, showing a 10% decline in value.