Attacker stole 1.1 billion VET from VeChain wallet …

Attacker steals 1.1 billion VET from VeChain Foundation wallet

The VeChain Foundation announced this evening that their wallet was hacked for its token buyback program..

About 1.1 billion VET ($ 6.6 million) located at this address were withdrawn by the attacker to a wallet controlled by him, which was marked accordingly in the VeChainStats service. All addresses containing stolen assets will receive the same mark..

The organization notes that it monitors the movement of VET in real time and has already notified all cryptocurrency exchanges about the need to monitor and freeze assets that may come from the attacker’s wallets..

“We opened an investigation into each fact to determine the motive, method and data flow behind this malicious act,” writes the VeChain Foundation. “We have narrowed down enough theories to come up with the most plausible theory. The hack was most likely the result of fraudulent behavior by one of our finance team members who set up a token buyback account without following an organization-approved standard process. The audit team did not identify this violation due to human error. We would like to emphasize that this incident has nothing to do with the effectiveness of the standard procedure or the VeChain hardware wallet solution. “.

The VeChain Foundation has reached out to cybersecurity company Hacken and the team to help with the ongoing investigation. Other assets held by the organization are also checked to prevent further leakage of funds. The incident was notified to law enforcement agencies in Singapore, where the project is based.

An attacker stole 1.1 billion VET from the VeChain wallet ...

The organization notes that so far only published an initial notice to VET holders and promises to provide more detailed information as soon as it becomes available..

VET lost about 5% of its value against the background of this announcement.

An attacker stole 1.1 billion VET from the VeChain wallet ...