The VeChain Foundation was recently compromised. As we’ve reported a few days ago, the foundation has been hit really severely.
It’s been revealed that the foundation has been calling on all crypto exchanges all over the world to block 1.1 billion VET.
VeChain revealed that the stolen tokens were transferred to a hacker’s address.
VeChain is tracing the transfer of the digital assets 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,” according to official notes.
The security breach occurred on December 13.
In a recent blog post, VeChain said that exchanges helped:
“Thanks to the quick responses from OceanEx, Binance, Huobi, Kucoin, Bitrue, Bitfinex, Bittrex, and other exchanges, we were able to prevent the thief from creating an even bigger sudden deliberate negative impact on the market.”
VeChain Foundation has things under control – Boosting security measures
The Foundation now claims that the situation is under control.
The VeChain Foundation team members have also come up with a plan that involves boosting current security measures.
“The Foundation team has decided on internal remediation and improvement plans to further strengthen the digital asset security management from both technical and procedural perspectives,” according to official notes.
They continue and highlight the fact that “this private key theft has put our incident response procedure into a real-life test, and we will also take the opportunity to further improve the process.”
In order to find out more details on how the foundation is doing these days and what measures they plan on taking further, head over to their official Medium blog post.
In terms of pricing, VET is trading in the red at the moment of writing this article.
The whole crypto market looks bloody today, with Bitcoin and all the important crypto assets trading in the red as well.
