VeChain Foundation’s buyback wallet
- On December 13, the VeChain Foundation’s buyback wallet was hacked of 1.1 billion tokens.
- The VeChain Foundation has tagged the address in hopes of preventing the hacker from ever cashing out the stolen crypt.
- The research team from Hacken will help members of the Foundation find the stolen coins.
On December 13, the VeChain foundation’s buyback wallet was “compromised” with hackers making off with “about 1.1 billion VET tokens” via both Twitter and a comprehensive Medium post detailing the incident in full. The attacker transferred to the blockchain address0xD802A148f38aBa4759879c33E8d04deb00cFB92b the 1.1 billion stolen VET tokens, estimated at $6.4 million at current VET rates. The VeChain Foundation has tagged the address so that any ways the hacker tries to transfer the funds can also be tracked in hopes of preventing the hacker from ever cashing out the stolen crypt.
Launched in June 2018, VeChain provides automakers such as BMW and Renault with a supply chain tool. Most recently, the company developed a way to prove authenticity through a traceability system in Shanghai’s wine industry.
The research team from Hacken will help members of the Foundation find the stolen coins. Simultaneously, VCS can track coin movement. They have valuable skills in security blockchain and coin monitoring. Within the Foundation, the team started the separate security check, looking at the protection of the custodian and the other digital property.
Singapore law enforcement knows about the problem. Specialists in law enforcement are already working to help solve the hack. The hack alert informs about the ongoing events to the VET token owners. They will send another update as soon as the Foundation receives more information.
Back on June 30, 2019, one of Sunny’s name developers revealed via Twitter that the Foundation will hold a buyback session for more than 12 months. This intervention was developed as an industry-friendly device.
The buyback address is where the project supporters can send the tokens from the Foundation to get the dollars right. On one address, they accepted the tokens, which is a security breach on its own. Notably, some Reddit users claim the exchanges will intercept the stolen coins.
In recent weeks, VeChain climbed on the heels of a mention in a Chinese newspaper, but collapsed after the hack. VeChain has fallen by more than 6 percent in the last hour since the news broke through web and Twitter crypto and dropped by 15 percent over the past week as the asset rally started to cool off.