VeChain Buyback Crypto Wallet Hacked of 1.1 Billion VET

The project’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. 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’s buyback wallet was “compromised” with hackers making off with “approximately 1.1 billion VET tokens.”.

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 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 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.

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