VeChain Foundation Losses $6.53M Worth of VET Tokens in Recent Hack

Enterprise blockchain platform VeChain has been hacked, resulting in loss of 1.1 billion VET tokens worth around $6.53 million, the company revealed on December 13. 

The buyback wallet of Singapore-based VeChain Foundation was compromised by a hacker at 12:27 UTC on Friday, VeChain said, with the assets being withdrawn to a private address. The company states it has tagged and tracked the assets and is working with cybersecurity company Hacken to isolate the tokens’ stream to different exchanges.

The hacked assets speak to a little more than 1 percent of current VET supply, which has a total of 86.7 billion tokens, as indicated by information provider Messari.

VeChain said human error within the foundation caused the hack and has since corrected the mistake and protocols, the company stated.

“We have narrowed down the possibilities enough to lead to a highly probable theory,” VeChain wrote on December 13’s statement. “Security breach was most likely due to misconduct of one of the team members within our finance team.”

Established in June last year, VeChain serves as a supply-chain tool for automakers like Renault and BMW. Most recently, the company contrived an approach to demonstrate authenticity in Shanghai’s wine market through a traceability platform.