VeChain Foundation buyback address hacked

[Doell]

Nothing is safe in crypto. Many people are still afraid of hacking like this. Hoping there is a powerful way to avoid hacking

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

[1714143724]

1714143724

[1714143724]

1714143724

[1714143724]

1714143724

[the rise]

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

certainly it will always happen in my opinion, I read from another article 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.

[rafajunior99]

December 13, 8:27pm (UTC+8), the VeChain Foundation buyback address was compromised. Approximately 1.1 billion VET tokens in this address were transferred into 0xD802A148f38aBa4759879c33E8d04deb00cFB92b, the hacker’s address. All the addresses associated with the said hacker’s address have been tagged on VeChainStats, the list is automatically updated as soon as the hacker sends any funds from the original hacker’s address.

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.

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?

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.

[kaneki007]

Nothing is safe in crypto. Many people are still afraid of hacking like this. Hoping there is a powerful way to avoid hacking

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

[Nalbo]

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.

[o48o]

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.

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.

[LouVandetta]

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.

[CjMapope]

December 13, 8:27pm (UTC+8), the VeChain Foundation buyback address was compromised. Approximately 1.1 billion VET tokens in this address were transferred into 0xD802A148f38aBa4759879c33E8d04deb00cFB92b, the hacker’s address. All the addresses associated with the said hacker’s address have been tagged on VeChainStats, the list is automatically updated as soon as the hacker sends any funds from the original hacker’s address.

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.

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
lesson learned people, stay away from the established shady crypto players! theres many!