New reports revealed the fact that VeChain’s X social media account had promoted a false giveaway scam. But, on the other hand, it seems that victims will be reimbursed.

VeChain’s account gets compromised

On Thursday morning, an unidentified hacker gained access to VeChain’s (VET) X social media account and posted a fake giveaway opportunity.

The post falsely claimed that the investors could receive double the amount of digital assets they contributed by sending between 100,000 and 5,000,000 VET to an “official contribution address.”

“VeChain X account hacked!!!!

Don’t send your VET to anyone and remember no one is doubling your bag, valid for all cryptos.”

VeChain, an enterprise blockchain platform, deleted a post after regaining control of their X account. The project stated that security is a top priority and they have enabled two-factor authentication with a randomly generated password.

“We are performing a thorough investigation to identify the vector, and will introduce new internal security protocols as a result. None of our other platforms were affected. Thankfully, our team were quick to respond, and our community showed their incredible diligence in helping to warn others.”

The project had promised to reimburse VET holders who had sent cryptocurrency to the hacker’s address.

They assured that the details of the individuals who sent transactions have been noted, and they will automatically reimburse them for the full value of VET sent in a 1:1 ratio.

The affected individuals need not take any action, as the project takes full responsibility for the impact of this unfortunate event and prioritizes their trust.

Recently, crypto-related hacks have been in the spotlight after an individual compromised the U.S. Securities and Exchange Commission’s (SEC) account and issued a false statement claiming that the regulator had approved spot Bitcoin (BTC) exchange-traded fund (ETF) applications.

This news had whipped the crypto world into a temporary frenzy. However, the following day, a raft of BTC ETF applications were legitimately approved.

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