RATE Group | How VeChain Cryptocurrency Was Able to Track and Freeze $6.1M of Stolen Funds
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How VeChain Cryptocurrency Was Able to Track and Freeze $6.1M of Stolen Funds

23 Dec How VeChain Cryptocurrency Was Able to Track and Freeze $6.1M of Stolen Funds

Posted at 13:30h in Cryptocurrency News by

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The VeChain Foundation updates the cryptocurrency community on the recent buyback wallet hack. Following the agreement of the Authority Masternodes, by way of voting, VeChain released a patch to freeze the majority of the hacker’s accounts.

VeChain Buyback Wallet Hack

A little over a week ago, the VeChain Foundation admitted to the theft of 1.1 billion VET tokens.

CEO, Sunny Lu was quick to reassure investors that the VeChain network is as secure as ever. But the incident did highlight a weakness in their internal practices.

In a Periscope broadcast, Lu explained the circumstances behind the hack. He said a member of the team, who is responsible for overseeing the buyback process, did not follow procedures when creating the buyback wallet.

Lu expanded on this by admitting a…

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