{"id":407241,"date":"2019-12-13T19:00:29","date_gmt":"2019-12-13T19:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=407241"},"modified":"2019-12-13T18:18:40","modified_gmt":"2019-12-13T18:18:40","slug":"vechain-buyback-crypto-wallet-hacked-of-1-1-billion-vet","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/vechain-buyback-crypto-wallet-hacked-of-1-1-billion-vet\/","title":{"rendered":"VeChain Buyback Crypto Wallet Hacked of 1.1 Billion VET"},"content":{"rendered":"<p>Cybercrime is rife across the crypto industry, ranging from SIM-card swap hacks, phishing attempts, password cracking, and even cryptocurrency mining malware. Today, the altcoin project known as <a href=\"\/tag\/vechain\" rel=\"nofollow\">VeChain<\/a> experienced that first hand.<\/p>\n<p>The project&#8217;s buyback wallet containing a substantial amount of VET tokens was hacked, and the VeChain Foundation is now hard at work doing their best possible damage control and trying to lock down the stolen assets.<\/p>\n<h2>VET Buyback Wallet Compromised, 1.1 Billion Tokens Stolen<\/h2>\n<p>According to the VeChain Foundation, via both Twitter and a detailed <a href=\"https:\/\/medium.com\/@vechainofficial\/vechain-foundation-announcement-8459492ee039\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Medium post<\/a> further explaining the incident in full, on December 13 at 8:27PM, the foundation&#8217;s buyback wallet was &#8220;compromised&#8221; with hackers making off with &#8220;approximately 1.1 billion VET tokens.&#8221;<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <\/strong><a href=\"https:\/\/wncen.com\/2019\/12\/02\/bolster-your-personal-opsec-with-this-crypto-investor-checklist\/\"><strong>Bolster Your Personal Opsec With This Crypto Investor Checklist<\/strong> <\/a><\/em><\/p>\n<p>The hacker transferred the 1.1 billion stolen VET tokens, valued at roughly $6.4 million at current VET prices, to the blockchain address 0xD802A148f38aBa4759879c33E8d04deb00cFB92b. The VeChain Foundation has tagged the address, so that any addresses the hacker attempts to move the funds to can also be traced, in hopes of preventing the hacker from ever cashing out the stolen crypto.<\/p>\n<h2>VeChain Foundation Vows To Get To The Bottom Of Hack<\/h2>\n<p>The VeChain Foundation has taken a number of steps to prevent further issues from arising from the hack, including immediately coming forward to the community with details as soon as possible after the hack occurred.<\/p>\n<p>In addition, they&#8217;re reaching out to all crypto exchanges across the market, asking them to &#8220;monitor, blacklist, and freeze any funds coming from the hacker address.&#8221; They&#8217;ve also launched a full-scale &#8220;investigation&#8221; into the address to determine &#8220;motive, method, and data flow&#8221; behind the &#8220;malicious act.&#8221;<\/p>\n<p>VeChain Foundation has also enlisted a team of blockchain and cybersecurity experts to assist with the research, and are conducting a security check of all other wallets related to the foundation to ensure no other wallets have been compromised. Lastly, the incident was reported to local law enforcement in Singapore, who will also investigate the crime further.<\/p>\n<p>The team plans to issue another update once more information is available and is doing its best to be transparent with holders of <a href=\"\/tag\/vechain\" rel=\"nofollow\">VeChain<\/a> tokens.<\/p>\n<p><a href=\"\/tag\/vechain\" rel=\"nofollow\">VeChain<\/a> had been climbing in recent weeks on the heels of a mention in a Chinese newspaper but has since collapsed following the hack. VeChain has fallen over 6% in the last hour since the news broke across the internet and crypto Twitter and is down 15% over the last week as the asset&#8217;s rally began to cool off.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/11\/13\/vechain-price-surges-120-after-chinese-newspaper-mentions-the-crypto\/\">VeChain Price Surges 120% After Chinese Newspaper Mentions the Crypto<\/a><\/strong><\/em><\/p>\n<p>Hackers flock to cryptocurrencies, according to one Google security expert, who says that they can&#8217;t resist the layer of psuedo-anonymity they provide and the fact they exist digitally, making it easier for them to access as a result.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cybercrime is rife across the crypto industry, ranging from SIM-card swap hacks, phishing attempts, password cracking, and even cryptocurrency mining malware. Today, the altcoin project known as VeChain experienced that first hand. The project&#8217;s buyback wallet containing a substantial amount of VET tokens was hacked, and the VeChain Foundation is now hard at work doing their best possible damage control and trying to lock down the stolen assets. VET Buyback Wallet Compromised, 1.1 Billion Tokens Stolen According to the VeChain Foundation, via both Twitter and a detailed Medium post further explaining the incident in full, on December 13 at 8:27PM, the foundation&#8217;s buyback wallet was &#8220;compromised&#8221; with hackers making off with &#8220;approximately 1.1 billion VET tokens.&#8221; Related Reading | Bolster Your Personal Opsec With This Crypto Investor Checklist The hacker transferred the 1.1 billion stolen VET tokens, valued at roughly $6.4 million at current VET prices, to the blockchain address 0xD802A148f38aBa4759879c33E8d04deb00cFB92b. The VeChain Foundation has tagged the address, so that any addresses the hacker attempts to move the funds to can also be traced, in hopes of preventing the hacker from ever cashing out the stolen crypto. VeChain Foundation Vows To Get To The Bottom Of Hack The VeChain Foundation has taken a number of steps to prevent further issues from arising from the hack, including immediately coming forward to the community with details as soon as possible after the hack occurred. In addition, they&#8217;re reaching out to all crypto exchanges across the market, asking them to &#8220;monitor, blacklist, and freeze any funds coming from the hacker address.&#8221; They&#8217;ve also launched a full-scale &#8220;investigation&#8221; into the address to determine &#8220;motive, method, and data flow&#8221; behind the &#8220;malicious act.&#8221; VeChain Foundation has also enlisted a team of blockchain and cybersecurity experts to assist with the research, and are conducting a security check of all other wallets related to the foundation to ensure no other wallets have been compromised. Lastly, the incident was reported to local law enforcement in Singapore, who will also investigate the crime further. The team plans to issue another update once more information is available and is doing its best to be transparent with holders of VeChain tokens. VeChain had been climbing in recent weeks on the heels of a mention in a Chinese newspaper but has since collapsed following the hack. VeChain has fallen over 6% in the last hour since the news broke across the internet and crypto Twitter and is down 15% over the last week as the asset&#8217;s rally began to cool off. Related Reading | VeChain Price Surges 120% After Chinese Newspaper Mentions the Crypto Hackers flock to cryptocurrencies, according to one Google security expert, who says that they can&#8217;t resist the layer of psuedo-anonymity they provide and the fact they exist digitally, making it easier for them to access as a result.<\/p>\n","protected":false},"author":517,"featured_media":407242,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,6664,2276,12882,12884],"class_list":["post-407241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-crypto","tag-hack","tag-vechain","tag-vet"],"acf":[],"yoast_head":"\n<title>VeChain Buyback Crypto Wallet Hacked of 1.1 Billion VET<\/title>\n<meta name=\"description\" content=\"Cybercrime is rife across the crypto industry, ranging from SIM-card swap hacks, phishing attempts, password cracking, and even cryptocurrency mining\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/vechain-buyback-crypto-wallet-hacked-of-1-1-billion-vet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VeChain Buyback Crypto Wallet Hacked of 1.1 Billion VET\" \/>\n<meta property=\"og:description\" content=\"Cybercrime is rife across the crypto industry, ranging from SIM-card swap hacks, phishing attempts, password cracking, and even cryptocurrency mining\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/vechain-buyback-crypto-wallet-hacked-of-1-1-billion-vet\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-13T19:00:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-13T18:18:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/vechain-vet-crypto-hack-altcoin-shutterstock_1094705570-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;The Bull&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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