February 1, 2023

VeChain Foundation crypto wallet hacked, losses amount to 1.1 billion VET

VeChain Foundation crypto wallet hacked, losses amount to 1.1 billion VET

The VeChain project wallet, which contained a huge number of VET tokens, was hacked. Currently VeChain is working hard to manage damage as efficiently as possible and is trying to block stolen assets. The incident is described in detail by the company on Twitter and Medium.

Thus, the hacker managed to steal 1.1billion VET tokens, valued at approximately $ 6.4 million at current VET prices. The funds were transferred to the blockchain address 0xD802A148f38aBa4759879c33E8d04deb00cFB92b. The VeChain Foundation has marked the address to which the hacker is trying to transfer funds, in the hope of not letting him cash out the stolen cryptocurrency.

To prevent further hacking problems, the VeChain Foundation has taken several steps, including immediately reporting the details of the incident to the community.

In addition, the project appealed to allto cryptocurrency exchanges asking them to “track, blacklist and freeze any funds received from the hacker’s address”. Vechain also launched a full-blown “investigation” of this address to determine “motive, method, and data flow.”

VeChain also attracted a team of experts onblockchain and cybersecurity for research. At the moment, the project is conducting a security check of other wallets, the fund, to make sure their reliability. Finally, the incident was reported to local Singapore law enforcement agencies, who will also conduct additional investigations into the crime.

As soon as more information appears, the team promises to release another update, and does everything possible to be as frank as possible with the 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.