VeChain Foundation announced that its buyback address was compromised, atoning to a loss of 1.1 billion VET tokens (approx. $6,700,000). Internal investigations are underway to determine the motive, method, and data flow behind this fraudulent act.

A section of there announcement reads: “It was most likely due to misconduct of one of the team members within our finance team, who have created the buyback account without thoroughly obeying The Standard Procedure approved by the Foundation, and our auditing team did not pick up this misconduct, due to human error.”

To combat this scenario, the foundation has reported the incident to Singapore’s law enforcement and recruited cybersecurity experts of Hacken to find the person behind this fraudulent act.

Additionally, the foundation has tagged all addresses associated with the hacker on Vechainstats and continuously monitoring the hackers’ move. Hacker’s address: 0xD802A148f38aBa4759879c33E8d04deb00cFB92b.

Furthermore, all exchanges are notified to monitor, blacklist and freeze funds received from the hacker address and any subsequent withdraw from exchange wallets.

So far 51 accounts have been associated with the hacker’s account.

Special attention is paid to the few exchanges which the hacker had sent funds to.

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