The VeChain (VET) Foundation has put out a public statement that around 1.1B VET tokens were stolen from the team’s buyback address.
A hacker has compromised the VeChain Foundation’s buyback address and 1.1B VET tokens were stolen. All addresses linked to the hacker have been tagged and are being closely monitored. According to the announcement, VeChain has contacted all exchanges to “monitor, blacklist, and freeze any funds coming from the hacker address.”
An investigation is being pursued to determine the method with which the hacker was able to steal these funds. It has emerged that the security breach was likely due to human error. One individual on VeChain’s finance team created an address for the buyback tokens without obeying The Standard Procedure of the Foundation. VeChain claims that its auditing team missed this loophole due to it allegedly being human error and hence had no ability to detect it.
The incident has been reported to law enforcement in Singapore. Thus far, no statement has been made by the authorities and the story is still developing. However, VeChain has said that it has appealed to the whitehat community and vechainstats.com to help with containing this problem.
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