Damage of 6.6 million euros

Internal misconduct opened the gates to the hacker

Due to mismanagement of the private key by an employee, the attackers could access the buy-back address of the company’s own foundation. An employee was negligent during the creation process, which made the hacker attack possible. The security integrity of the mainnet and the official mobile wallets should not be affected by the attack. Nevertheless, the digital robbers were able to capture VET tokens worth 6.6 million euros. The hackers transferred the tokens to a private wallet. A VeChain press release dated December 14 states: “The VeChain Foundation has tracked the transmission of these VET tokens in real time and has taken various steps to get the situation under control. The security of the VeChainThor network and wallet is intact and solid. ”


VeChain is taking extensive steps

VeChain has asked crypto exchanges to help. If the hackers transfer the tokens from the private wallet to an account on a crypto platform, the accounts must be frozen. VeChain further emphasizes that this incident is in no way related to the actual security of the other standards: “We would like to emphasize that the incident is in no way related to the effectiveness of the actual standard procedure or the hardware wallet solutions from VeChain. And the responsible person who does not comply with the regulations bears the responsibility and the consequences of internal management measures. ”

VeChain has also secured support from law enforcement agencies in Singapore and the crypto community. Cybersecurity professionals should help clarify the situation.

The network is repeatedly misused by crypto fraudsters. This is also shown by dodgy offers such as Bitcoin Era or Bitcoin Code.