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Hacker steals $ 6.7 million worth of tokens from the VeChain Foundation

The VeChain Foundation, the nonprofit behind building the VeChain public blockchain platform, announced that their buyback address was compromised on Friday at 12:27 p.m. ET.

1.1 billion VET tokens were transferred to the address 0xD802A148f38aBa4759879c33E8d04deb00cFB92b, which corresponds to about 6.7 million US dollars.

The company believes the hack was the result of human oversight by its finance and audit teams. They said it did not reflect any inherent flaw in its standard practices or hardware wallet solutions.

“The security breach was most likely caused by the misconduct of one of the team members within our finance team who created the repurchase account without carefully following the standard procedure approved by the Foundation, and our audit team found this misconduct due to human error,” the announcement said . “We would like to emphasize that the incident is in no way related to the effectiveness of the actual standard process or the VeChain hardware wallet solutions.”

VeChain was founded in Singapore in 2015 and offers a blockchain-based credit platform that helps customers determine the quality of the products they buy through supply chain analysis. The platform has two tokens – VeChain Token (VET) and VeThor Token (VTHO) – the former being used for payments over its network and the latter for executing smart contracts and running applications on the blockchain.

Since the hacking, the VeChain team has compiled a list of addresses associated with the hacker’s address and asked all exchanges to flag and freeze any funds coming from those addresses. The company has also reported the incident to Singapore law enforcement agencies and enlisted cybersecurity firm Hacker to find out details of the hack.

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