VeChain Asks Crypto Exchanges To Block 1.1 Billion In Stolen VET Tokens


Another stolen crypto amount is on the loose these days.

1.1 billion VET, stolen

It’s been reported that the VeChain Foundation calls on all crypto exchanges all over the world to block 1.1 billion in the company’s native digital asset VET.

VeChain focuses on transparency in supply change logistics, revealed this Friday that the stolen tokens were transferred to a hacker’s address.

VeChain is tracing the transfer of tokens in real-time in an effort to stop the thieves from cashing out.

“All the addresses associated with the said hacker’s address have been tagged on VeChainStats, the list is automatically updated as soon as the hacker sends any funds from the original hacker’s address,” the official notes say.

The continue and note: “All the exchanges with VET tradings please help block the addresses in this live blacklist which updates in real-time basis. Much appreciated. https://vechainstats.com/pro/blacklist-plain/…

This was reportedly an inside job that has no bearing on VeChain’s hardware wallet tech.

VeChain stated that an internal investigation supports the following theory.

“Security breach was most likely due to misconduct of one of the team members within our finance team, who have created the buyback account without thoroughly obeying The Standard Procedure approved by the Foundation, and our auditing team did not pick up this misconduct, due to human error,” says the company.

The continue and say that “We would like to emphasize that the incident is in no way related to the effectiveness of the actual Standard Procedure or VeChain’s hardware wallet solutions.”

Check out VeChain's official announcement about the theft.

VET surged following the announcement of a new partnership

Not too long ago, it's was revealed that VeChain saw a significant surge after they announced the latest partnership.

The team has been bagging a lot of important partnerships this year.

The latest reports said that the Thor blockchain would be used in order to power the revival of a classic choose-your-own-adventure gamebook series.

In terms of pricing, VET is one of the few digital assets that are trading in the green at the moment of writing this article.

Coins Mentioned

VET

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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