VeChain Price Drops 10% After a Hack Attack

The Singapore-based VeChain Foundation (VET) has announced that their buyback address was compromised at 12:27 pm ET on Friday. 1.1 billion VET tokens, that worth around $6.4 million, were transferred to the address 0xD802A148f38aBa4759879c33E8d04deb00cFB92b.

The stolen coins are worth 2% of VeChacin’s entire coin supply.

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.

Quoted from VeChain Foundation’s announcement

The foundation has notified all exchanges to monitor, blacklist and freeze any funds coming from the hacker address, and it will launch a full scale investigation into every fact around the address to determine the motive, method, and data flow behind this security incident.

The foundation attributes the hacking to a human error within the foundation and has since corrected the error and protocols, the firm said.

After the announcement, VET lost around 10% of its value. VET’s price dropped from $0.006594 to as low as $0.005770 in couple of hours.

What is VeChain?

VeChain is a blockchain-enabled platform that is designed to enhance supply chain management processes. By utilizing tamper-proof and distributed ledger technology, VeChain provides retailers and consumers with the ability to determine the quality and authenticity of products that are bought.

VeChain (VET) Price Chart

*Charts data were provided by CryptoCompare.

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