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VeChain Foundation lost USD 6.5 mln in VET token hack

Monday 16 December 2019 14:28 CET | News

Coindesk has revealed that blockchain platform VeChain was hacked, losing 1.1 billion VET tokens worth an estimated USD 6.53 million.

The Singapore-based VeChain Foundation’s buyback wallet was compromised, with the funds being withdrawn to a private address. The funds were already tagged and tracked, and VeChain is working with cybersecurity company Hacken in a bit to isolate the tokens’ flow to various exchanges.

Moreover, VeChain mentioned that it attributes the hacking to a human error within the foundation and has since corrected the error and protocols. The company was launched in June 2018, and it serves as a supply-chain tool for automakers including BMW and Renault.
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Keywords: VeChain Foundation, hack, VET token, theft, fraud, human error, wallet, cybersecurity, supply chain, blockchain
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions