Vechain hack of $6.5 Million due to Human Error

[Harrydose]

VeChain CEO Sunny Lu detailed. Around US$ 6.5 million have taken from VeChain tokens (VET). Establishment data recommend that the undermined wallet made without adhering to the standard strategies of the association. The establishment says their inspecting group missed it due to human mistake.

It detailed in the budgetary report of the organization in September 2019 that it oversaw 27.3 percent of the all-out token accessibility. This hack establishes over 4.6% of the treasury of the establishment and furthermore represents 1.3% of the all-out supply of VeChain.

Source: TheCoinRepublic

[ansi]

I won't call it " human mistake " because this crypto hacks are out of the hands to be honest.
The number ofyearly hacks of good blockchains is more than this " human error mistakes ". There is always that missing part of the story.

No wonder big financial institutions are caution to convert into this blockchain technology, we're still in the embryo stage & it's too risk to put your company under the risk of something (technology= that is not yet 10% safe.

[shinratensei_]

that means if it's the company's fault to hire those amateur staffs to maintain the wallet. that is a lot of money but i don't even believe if that will be a human error. What about the tokens that already hacked or disappeared from the wallets? where is it going on?
More than a week has already passed and there is no update regarding the hacked case that happened with VEchain.

The protocol will not get affected by that hacked case but the trust from investors to the vechain will be decreasing a lot.

[X-ray]

Unbelievable, 6.5 million gone due to human error. So, now they are indirectly confess that this "accident" happened because of their mistake and will they feel responsible for it? because losing 1.3% of the total supply is simply ridiculous. If there's no consequence for this "accident" I'm pretty sure that they will lose their users and soon it will become yet another garbage coin with no future. Not trying to be harsh but losing that much portion of all-out supply due to human error is the dumbest thing I could ever heard.

[Aabcde]

Vechain could have said anything to save his image. Apart from that, yes indeed no one knows the exact cause for reasons that can be made up. What is clear is that events like this will continue to repeat to the world of crypto. I do not know this is really a disaster or just an excuse to obscure some money by a handful of people.
I only see this as being neutral, not taking sides or blaming.

[Casdinyard]

That's BS, better to say it happened because of glitch, lol!
Anyway, it could be an inside job, sure some of its team have all the knowledge about the system and yeah human by nature that it gets tempted.

Honestly, I won't buying this lame excuse. They're just making their investors stupid.

[ultrloa]

What a lame excuse of them better back off for those people who still holding a funds since maybe this is to test the waters if how the people reacts on this events, We heard already a several excuse and it's so dumb for people to believe in this kind of another shit words came from them.

[Tipstar]

They are so unfortunate to make blunders one after another. They failed to reach their roadmap thanks to the blanket ban by China.
Once a promising project and top 20 coin by marketcap now crashes to another bottom.

[LouVandetta]

All humans make mistakes. But the mistake in this matter cost them $6.5 Million.
I mean, it is what it is, hackers always find ways to do their job, and unfotunately luck was not on vechain's side at that time.

I really hope, if this is indeed due to "human error", I hope the other developers and projects will choose their staffs wisely so they won't be missing out any details even the smallest details regarding their security systems and the likes.

[tippytoes]

All humans make mistakes. But the mistake in this matter cost them $6.5 Million.
I mean, it is what it is, hackers always find ways to do their job, and unfotunately luck was not on vechain's side at that time.

I really hope, if this is indeed due to "human error", I hope the other developers and projects will choose their staffs wisely so they won't be missing out any details even the smallest details regarding their security systems and the likes.

I got what you're implying here. I hope it is not an inside job because if it was, then, that kind of "hacking" incident is very tough to fight with.  Such amount is already a lifeline of most created blockchain projects. If they can afford to lose that amount owed to human error, I really hope they will not lose large part of their assets due to sophisticated hacking softwares. Because that will wipe out what they have.

[masterrex]

VeChain CEO Sunny Lu detailed. Around US$ 6.5 million have taken from VeChain tokens (VET). Establishment data recommend that the undermined wallet made without adhering to the standard strategies of the association. The establishment says their inspecting group missed it due to human mistake.

It detailed in the budgetary report of the organization in September 2019 that it oversaw 27.3 percent of the all-out token accessibility. This hack establishes over 4.6% of the treasury of the establishment and furthermore represents 1.3% of the all-out supply of VeChain.

Source: TheCoinRepublic

That was the reality sometimes shit will happen. and these time Vechain was become a victim, $6.5 Million dollars is a huge amount and it may resulting to flood more than 1 billion VET tokens in the market. it was very unfortunate to the part of Vchain organization that it was happen but its already done and the team has nothing can do about it. or maybe they can buy back those tokens because i'm sure it will affect the VET token price stability when it was dump in the market.

[slaman29]

Centralized altcoin central leader says it was a human error.

So guys, is this a lesson to you? Are all the crypto hacks in history a lesson to you?

Put power in the hands of a few and you either see your money disappear in hacks due to negligence or due to human error. End game is, if you allow crypto to be exposed to such few points of failure, it's a matter of time before that failure becomes apparent.

[eaLiTy]

Yet another hack in the market and $6.5 Million USD is gone, i am really skeptical with all these hack news, either they are doing it to avoid taxes or how come these kind of errors they will make, the statement they released that the buy back address was compromised and a casual $6.5 million is lost because they made a mistake because their staff was dumb enough to secure the wallets  .

[Dalmar]

And here we go, another mistake costs millions of dollars faster the blink of an eye. The Japanese guy also made a similar mistake 2 years ago in the traditional marketplace, the cat walked over his notebook and pressed some buttons which executed a billion-dollar transaction. That cat cost the Japan hedge fund an over $140 million and that irresponsible guy was fired.

[lobo13hf]

And here we go, another mistake costs millions of dollars faster the blink of an eye. The Japanese guy also made a similar mistake 2 years ago in the traditional marketplace, the cat walked over his notebook and pressed some buttons which executed a billion-dollar transaction. That cat cost the Japan hedge fund an over $140 million and that irresponsible guy was fired.

that looks so crap to see that as a project with big valuation can't even deal with its security system. That's why i still prefer to use credits platform rather than vechain.
That's not something new when the management of the platform is lack of the control to its employes

[smyslov]

VeChain CEO Sunny Lu detailed. Around US$ 6.5 million have taken from VeChain tokens (VET). Establishment data recommend that the undermined wallet made without adhering to the standard strategies of the association. The establishment says their inspecting group missed it due to human mistake.

It detailed in the budgetary report of the organization in September 2019 that it oversaw 27.3 percent of the all-out token accessibility. This hack establishes over 4.6% of the treasury of the establishment and furthermore represents 1.3% of the all-out supply of VeChain.

Source: TheCoinRepublic

This is not good, there should be a lot of test when a human is involved, they are experimenting I guess, when human is involved it should be highly trained and with a good judgement on how to implement things, any project can't have this kind of mistakes, especially to exchanges.

[Adriano2010]

Sometimes i think these hacks happen because the devs of some coins exchanges wants to happen, not sure how many happen and the money from hacks get back to owners of exchanges and coins, i not say that all hacks happen is same way but i think over 50% happen in this way.