Hackers stole about 1.1 billion VET from the vechain Foundation wallet

Singapore – based VeChain Foundation announced that hackers stole about 1.1 billion VET ($6.6 million) from its wallet, which was used in the token buyback program.

VeChain reported that all wallet addresses associated with the address of the thief are marked in the VeChainStats service, and this list will be automatically updated with the addresses to which the hacker will send the stolen tokens.

As stated by the VeChain Foundation in its notification, it monitors the movement of VET in real time and has already taken the necessary measures. The organization notified all cryptocurrency exchanges to also monitor and freeze any coins coming from the attacker’s address, as well as block the withdrawal of any crypto assets to the corresponding wallets.

VeChain has already launched an investigation, reporting the incident to law enforcement agencies in Singapore. In addition, VeChain tries to independently determine the motives and methods of theft. The Hacken team is also involved in the investigation and vechainstats.com they have extensive experience in the field of cybersecurity and data management on the blockchain.

“The reason for the hack could be the illegal actions of one of the participants in the financial Department, who created an account for the redemption of coins without following the standard procedure approved by the company. The employees who conducted the audit were unable to detect this violation due to human factors, ” vechain management suggested, adding that this incident is not related to the effectiveness of the current standard procedure or vechain hardware wallets.

The organization will keep users informed of developments. Recall that last month the Chinese authorities have approved the platform for tracking of tea, was developed by company VeChain. In addition, China plans to use the VeChain platform to import products from France.