Bitcoin Forum

https://medium.com/@vechainofficial/vechain-foundation-announcement-8459492ee039

So another hacked was experienced by crypto project. I don't know what much it in dollars but I will assumed its huge amount again. It's sad to hear this kind of hackings in crypto sphere, but then again those criminals are always one step of the game.

Its hard to understand vichain blockchain i dont even see how many coins has been distributed after checking the explorer.
I only see is $24,502.92 worth of energy.

We will always see and be treated to hacked news forever. There must be something every year. Is this just a trick? hmm i can't answer that either. What is clear is that no one can anticipate hackers well. What is certain is that we must also be careful with our funds, it could be individuals who are victims as well.

Base on CMC when multiplied by USD around 6,5 Million USD the amount is hacked.

We will continue to read and see news like this in the future, because hacker/scammer always exist not only in the crypto world.

This is almost beyond reason, many exchange sites and wallets are hacked, even though they are not new to this technology, but why are they such a fool right now when the market is red, I'm still not sure if it is done by outsiders, there must be a certain party or insiders who might know the wallet information so it's easy to hack, I'm not sure if it's done by outsiders, this news is like any other news

I wonder why the Vechain Foundation dares to buy back the proceeds of crime from hacking? How can they communicate with hackers and can agree on their request? I think this will trigger other hackers to make requests to victims in the same way, which is to buy back from hacking.

Things are not going good for VeChain and the results are displayed on the price. VeChain was supposed to be the coin for China but lost it's major project and now struggles with such blunders rather than any good news. It's getting difficult for VeChain to ever attain back it's ATH.

With this news, I'm sure the price will be affected negatively. Besides the worsening market conditions, this kind of news will sway away investors for good in VeChain unless some whales put a lot of money to keep this project going until we goes on another bull run.

It just sadden me to hear that another breached and investors lost their money without a fight here and it could impact the whole crypto sphere again. And unless the hackers made a mistakes of depositing it to a exchange that Vechain has contacted, there's no way they can get the money back.

I wouldn't neccessarily agree.
It's China after all. Worlds biggest economy. If China wants something to happen, it will happen

This has given a bad face to the crypto currency, a 10% decline for VeChain, this certainly makes investors and traders feel disadvantaged, but uniquely VeChain will buy back VET, this is interesting

I was waiting for this hack. And many others. Will see how exchanges will do with funds from hacked address

They will probably freeze it. as mentioned in the news Vechain has notified the exchanges and also tagged the address involved in this scene and I really doubt the hacker would dare to withdraw it through exchange. they also have reported it to the authority so the only option for the hacker is to cash it out p2p with some individual or decentralized exchange if there's any.

I looked for references and got news if Vechain was hacked for $6.6 million, https://www.google.com/amp/s/cointelegraph.com/news/vechain-loses-11b-vet-tokens-to-hacker-in-attack-on-buyback-wallet/amp this is not what we expect, but it is true that hackers are more advanced and always find loopholes. I do not know how long we will hear cases like this again, but I hope that next year all crypto platforms increase their security

I hope these hackers are really not one step ahead of the game all the time. It would not be healthy if that is the case. This would put everything about cryptocurrency questionable and perhaps in jeopardy. Hacking is a common occurrence in the crypto sphere but if it is happening against huge projects affecting millions in the process, there must really be a big question mark as to the security of the wallets. If rich companies cannot get away from these hackers, how much more the ordinary individuals?

I think they will not be able to do that. And they will never find a hacker to buy back. The only way they can do is to tag the hacker address and notify the exchange and ban this address deposit. In 2019 I have seen too many hacking attacks, hoping that in the future projects will do something to prevent this problem, otherwise the project will die at the hands of hackers

Yeah. Every code has a loop hole and this is the danger of open source. It's a double edge sword, It's good to be transparent but you can't control who will review your code. I expect this hacking events will never stop unless the crypto project stop being an open source in there code. Besides that, VeChain already crumbling, maybe this is just a team escape plan to dump there bags.

So one more hacked case happened in crypto world really it will bad situation to vechain because how can they recover from that and how vechain holds going to react about this situation? because I holding some vechain coins with me, so what will be the next step from vechain team.

i think you misunderstood the mean of buyback address?
the buyback address is before controlled by the Vechain Foundation but unfortunately that address just got compromised and sent to the hacked address
it's not like they want to buy back the tokens that hacker has

you can not measure a project because of their nationality, china might be a leader in the economy but it does not mean all of them are supporting it. even at some point, we know cryptocurrency is banned by them completely. I do not think it will happen if the team does not do anything to the hacked coins, that is a lot of coins.

I don't think this is professional. It's more like the mistakes of a simple project. Vechain would have to be more careful about it, and they can't compensate for the damage. Unfortunately, the biggest problems that investors often face are due to the unprofessional behavior of the teams.
Mismanagement? Seriouss?

weaker the system owned by a company it will be repeated hacked ,in different for example bitcoin which can never be hacked by anyone ,so the problem to solve it is the defense system is strengthened with more mature technology and IMO actually crypto is safe mate

certainly it will always happen in my opinion, I read from another article (https://cryptobriefing.com/vechain-foundation-hacked-6-5-million-vet-stolen/) stating that the hacked foundation's wallet does not fully comply with the organization's SOP and is somewhat spared from audit monitoring, the investigation still leads to internal technical errors. they claim a loss of around 4.6% only from their wallets, and no more than 2% of the total overall supply. This case is a little different from the eth address hacked from an upbit exchange a week ago.

Now, if it's really like that, there's a high chance that this is just a team game to make bad news about this case, because that way they will easily fool all investors into doing nothing, so the Vechain team won't be able to provide compensation loss for all investors who have participated in it.

Perhaps the only way to avoid hackers is to do regular updates because there must always be hackers who want to attack a crypto wallet (although it is impossible to have a secure system) but at least that way can minimize the possibility of hackers to take crypto assets

Vechain already is a failing project and buyback were the only things keeping the price but with no money for the project to buy back it's tokens, the price crashed.
Hacking of a wallet is not a small issue and the project did made mistakes  not securing the first thing they should.

What are you talking about? There were not any such requests. VeChain Foundation on the other hand has bought back coins like it was planned all along. And because vechain foundation didn't burn them and got sloppy on security, they got stolen. Or so they claim... Could be a rogue employee or a job planned like this from a start, we don't know.

Aaand, it happened again. Based on vechain current price in usd, the vechain stolen funds is worth of roughly $6M. And the price keeps going down. This is very unfortunate for Vechain Foundation. Antoher hacked victims.

No matter how careful you are, there's always a bit of flaw in something. And this is one of the example. No idea if it's the team's fault or maybe the hackers were just that good with what they're doing.

honestly does this surprise anyone?   the lead dev was massively shifty. i remember saying i wasent touching vsystems as it was just a scam to me
and low and behold they got "hacked" for their tokens.  does that REALLY surprise anyone?   
one guess who did it, LOL. he knew he couldnt bring any value to those tokens, midas stealthem and dump them and fuck off for a few more years :P
lesson learned people, stay away from the established shady crypto players! theres many!