VeChain Foundation buyback address hacked

[Baofeng]

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.

[1715102383]

1715102383

[1715102383]

1715102383

[1715102383]

1715102383

[Rodeo02]

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.

[Aabcde]

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.

[Strongkored]

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.

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.

[samuraijin]

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.

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

[knuckey]

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.

[tsaroz]

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.

[Kemarit]

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.

[btcltcdigger]

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.

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

[Desscount]

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.

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

[CryptoBuzzerd]

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

[JeffBrad12]

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.

[shodik007]

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

[Hallmader]

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 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?

[killerfrost]

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.

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

[Coin_trader]

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

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.

[sureshnsnet]

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.

[safari88]

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.

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

[DaMut]

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.

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

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.

[Nadziratel]

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?