VeChain revealed in the past hours that the buyback address has been hacked, resulting in the loss of approximately 1.1 billion VET tokens, equivalent to approximately $6,380,000.

Advertising About the hack by the VeChain Foundation came as a shock, as the project is one of the cryptocurrency projects that have shown a lot of promise and are awaited by many investors with an optimistic eye.

The VeChain Foundation indicated that efforts are already underway to recover the stolen tokens.

Among the measures taken by the organization is to flag the hacker’s main address and other addresses associated with the use of the monitoring tool “VeChain Stats”.

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This enables real-time tracking of the team to get updates as the funds move their way to the exchanges where hackers may try to convert them into cryptocurrencies or other securities.

Additionally, in its announcement, VeChain stated that it contacted all crypto exchanges to monitor and freeze any funds coming from the hacker’s address and any withdrawal lists from any similar exchange wallets.

Particular attention is drawn to the few trading platforms where the hacker sent money earlier before the hack.

The team also informed that it was conducting internal investigations to determine motives and methods by reviewing the data behind this malicious act.

Quoted from the comment on the most likely scenario that led to the breakout and the withdrawal of these funds, the following:

Most likely due to the misconduct of a member of the finance team, who created the buy-back account without fully agreeing to the standard procedure endorsed by the organization, and our audit team was unable to monitor this misconduct due to human error.

The Foundation stresses that the hack was in no way related to the effectiveness of actual standard procedures or VeChain hardware wallet solutions.

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The foundation added that cyber security experts around the world are closely monitoring the situation and are seeking to recover the funds.

VET saw a slight drop of 5% despite the hack of the VeChain Foundation and the withdrawal of 1.1 billion units of it.

Under these conditions, VeChain coins are expected to be heading to the downside.

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