VeChain Foundation buyback address hacked

CjMapope

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Quote from: Baofeng on December 14, 2019, 12:35:12 AM

Quote

December 13, 8:27pm (UTC+8), the VeChain Foundation buyback address was compromised. Approximately 1.1 billion VET tokens in this address were transferred into 0xD802A148f38aBa4759879c33E8d04deb00cFB92b, the hacker’s address. 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.

https://medium.com/@vechainofficial/vechain-foundation-announcement-8459492ee039

So another hacked was experienced by crypto project. I don't know what much it in dollars but I will assumed its huge amount again. It's sad to hear this kind of hackings in crypto sphere, but then again those criminals are always one step of the game.

honestly does this surprise anyone? the lead dev was massively shifty. i remember saying i wasent touching vsystems as it was just a scam to me
and low and behold they got "hacked" for their tokens. does that REALLY surprise anyone?
one guess who did it, LOL. he knew he couldnt bring any value to those tokens, midas stealthem and dump them and fuck off for a few more years Tongue

lesson learned people, stay away from the established shady crypto players! theres many!

LouVandetta

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Aaand, it happened again. Based on vechain current price in usd, the vechain stolen funds is worth of roughly $6M. And the price keeps going down. This is very unfortunate for Vechain Foundation. Antoher hacked victims.

No matter how careful you are, there's always a bit of flaw in something. And this is one of the example. No idea if it's the team's fault or maybe the hackers were just that good with what they're doing.

o48o

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Quote from: knuckey on December 14, 2019, 01:58:34 AM

I wonder why the Vechain Foundation dares to buy back the proceeds of crime from hacking? How can they communicate with hackers and can agree on their request? I think this will trigger other hackers to make requests to victims in the same way, which is to buy back from hacking.

What are you talking about? There were not any such requests. VeChain Foundation on the other hand has bought back coins like it was planned all along. And because vechain foundation didn't burn them and got sloppy on security, they got stolen. Or so they claim... Could be a rogue employee or a job planned like this from a start, we don't know.

Nalbo

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Vechain already is a failing project and buyback were the only things keeping the price but with no money for the project to buy back it's tokens, the price crashed.
Hacking of a wallet is not a small issue and the project did made mistakes not securing the first thing they should.

kaneki007

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Nothing is safe in crypto. Many people are still afraid of hacking like this. Hoping there is a powerful way to avoid hacking

Perhaps the only way to avoid hackers is to do regular updates because there must always be hackers who want to attack a crypto wallet (although it is impossible to have a secure system) but at least that way can minimize the possibility of hackers to take crypto assets

rafajunior99

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Quote from: Nadziratel on December 14, 2019, 09:51:11 AM

Quote from: Baofeng on December 14, 2019, 12:35:12 AM

Quote

December 13, 8:27pm (UTC+8), the VeChain Foundation buyback address was compromised. Approximately 1.1 billion VET tokens in this address were transferred into 0xD802A148f38aBa4759879c33E8d04deb00cFB92b, the hacker’s address. 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.

https://medium.com/@vechainofficial/vechain-foundation-announcement-8459492ee039

So another hacked was experienced by crypto project. I don't know what much it in dollars but I will assumed its huge amount again. It's sad to hear this kind of hackings in crypto sphere, but then again those criminals are always one step of the game.

I don't think this is professional. It's more like the mistakes of a simple project. Vechain would have to be more careful about it, and they can't compensate for the damage. Unfortunately, the biggest problems that investors often face are due to the unprofessional behavior of the teams.
Mismanagement? Seriouss?

Now, if it's really like that, there's a high chance that this is just a team game to make bad news about this case, because that way they will easily fool all investors into doing nothing, so the Vechain team won't be able to provide compensation loss for all investors who have participated in it.

the rise

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Quote from: shodik007 on December 14, 2019, 05:59:31 AM

I looked for references and got news if Vechain was hacked for $6.6 million, https://www.google.com/amp/s/cointelegraph.com/news/vechain-loses-11b-vet-tokens-to-hacker-in-attack-on-buyback-wallet/amp this is not what we expect, but it is true that hackers are more advanced and always find loopholes. I do not know how long we will hear cases like this again, but I hope that next year all crypto platforms increase their security

certainly it will always happen in my opinion, I read from another article stating that the hacked foundation's wallet does not fully comply with the organization's SOP and is somewhat spared from audit monitoring, the investigation still leads to internal technical errors. they claim a loss of around 4.6% only from their wallets, and no more than 2% of the total overall supply. This case is a little different from the eth address hacked from an upbit exchange a week ago.

Doell

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Nothing is safe in crypto. Many people are still afraid of hacking like this. Hoping there is a powerful way to avoid hacking

weaker the system owned by a company it will be repeated hacked ,in different for example bitcoin which can never be hacked by anyone ,so the problem to solve it is the defense system is strengthened with more mature technology and IMO actually crypto is safe mate

Nadziratel

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Quote from: Baofeng on December 14, 2019, 12:35:12 AM

Quote

December 13, 8:27pm (UTC+8), the VeChain Foundation buyback address was compromised. Approximately 1.1 billion VET tokens in this address were transferred into 0xD802A148f38aBa4759879c33E8d04deb00cFB92b, the hacker’s address. 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.

https://medium.com/@vechainofficial/vechain-foundation-announcement-8459492ee039

So another hacked was experienced by crypto project. I don't know what much it in dollars but I will assumed its huge amount again. It's sad to hear this kind of hackings in crypto sphere, but then again those criminals are always one step of the game.

I don't think this is professional. It's more like the mistakes of a simple project. Vechain would have to be more careful about it, and they can't compensate for the damage. Unfortunately, the biggest problems that investors often face are due to the unprofessional behavior of the teams.
Mismanagement? Seriouss?

DaMut

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Quote from: btcltcdigger on December 14, 2019, 03:26:13 AM

Quote from: tsaroz on December 14, 2019, 02:06:36 AM

Things are not going good for VeChain and the results are displayed on the price. VeChain was supposed to be the coin for China but lost it's major project and now struggles with such blunders rather than any good news. It's getting difficult for VeChain to ever attain back it's ATH.

I wouldn't neccessarily agree.
It's China after all. Worlds biggest economy. If China wants something to happen, it will happen

you can not measure a project because of their nationality, china might be a leader in the economy but it does not mean all of them are supporting it. even at some point, we know cryptocurrency is banned by them completely. I do not think it will happen if the team does not do anything to the hacked coins, that is a lot of coins.

safari88

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Quote from: knuckey on December 14, 2019, 01:58:34 AM

I wonder why the Vechain Foundation dares to buy back the proceeds of crime from hacking? How can they communicate with hackers and can agree on their request? I think this will trigger other hackers to make requests to victims in the same way, which is to buy back from hacking.

i think you misunderstood the mean of buyback address?
the buyback address is before controlled by the Vechain Foundation but unfortunately that address just got compromised and sent to the hacked address
it's not like they want to buy back the tokens that hacker has

sureshnsnet

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So one more hacked case happened in crypto world really it will bad situation to vechain because how can they recover from that and how vechain holds going to react about this situation? because I holding some vechain coins with me, so what will be the next step from vechain team.

Coin_trader

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Quote from: shodik007 on December 14, 2019, 05:59:31 AM

I looked for references and got news if Vechain was hacked for $6.6 million, https://www.google.com/amp/s/cointelegraph.com/news/vechain-loses-11b-vet-tokens-to-hacker-in-attack-on-buyback-wallet/amp this is not what we expect, but it is true that hackers are more advanced and always find loopholes. I do not know how long we will hear cases like this again, but I hope that next year all crypto platforms increase their security

Yeah. Every code has a loop hole and this is the danger of open source. It's a double edge sword, It's good to be transparent but you can't control who will review your code. I expect this hacking events will never stop unless the crypto project stop being an open source in there code. Besides that, VeChain already crumbling, maybe this is just a team escape plan to dump there bags.

killerfrost

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Quote from: knuckey on December 14, 2019, 01:58:34 AM

I wonder why the Vechain Foundation dares to buy back the proceeds of crime from hacking? How can they communicate with hackers and can agree on their request? I think this will trigger other hackers to make requests to victims in the same way, which is to buy back from hacking.

I think they will not be able to do that. And they will never find a hacker to buy back. The only way they can do is to tag the hacker address and notify the exchange and ban this address deposit. In 2019 I have seen too many hacking attacks, hoping that in the future projects will do something to prevent this problem, otherwise the project will die at the hands of hackers

Hallmader

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Quote from: Baofeng on December 14, 2019, 12:35:12 AM

Quote

December 13, 8:27pm (UTC+8), the VeChain Foundation buyback address was compromised. Approximately 1.1 billion VET tokens in this address were transferred into 0xD802A148f38aBa4759879c33E8d04deb00cFB92b, the hacker’s address. 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.

https://medium.com/@vechainofficial/vechain-foundation-announcement-8459492ee039

So another hacked was experienced by crypto project. I don't know what much it in dollars but I will assumed its huge amount again. It's sad to hear this kind of hackings in crypto sphere, but then again those criminals are always one step of the game.

I hope these hackers are really not one step ahead of the game all the time. It would not be healthy if that is the case. This would put everything about cryptocurrency questionable and perhaps in jeopardy. Hacking is a common occurrence in the crypto sphere but if it is happening against huge projects affecting millions in the process, there must really be a big question mark as to the security of the wallets. If rich companies cannot get away from these hackers, how much more the ordinary individuals?

shodik007

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I looked for references and got news if Vechain was hacked for $6.6 million, https://www.google.com/amp/s/cointelegraph.com/news/vechain-loses-11b-vet-tokens-to-hacker-in-attack-on-buyback-wallet/amp this is not what we expect, but it is true that hackers are more advanced and always find loopholes. I do not know how long we will hear cases like this again, but I hope that next year all crypto platforms increase their security

JeffBrad12

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Quote from: CryptoBuzzerd on December 14, 2019, 05:47:00 AM

I was waiting for this hack. And many others. Will see how exchanges will do with funds from hacked address

They will probably freeze it. as mentioned in the news Vechain has notified the exchanges and also tagged the address involved in this scene and I really doubt the hacker would dare to withdraw it through exchange. they also have reported it to the authority so the only option for the hacker is to cash it out p2p with some individual or decentralized exchange if there's any.

CryptoBuzzerd

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I was waiting for this hack. And many others. Will see how exchanges will do with funds from hacked address

Desscount

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Quote from: Baofeng on December 14, 2019, 12:35:12 AM

Quote

December 13, 8:27pm (UTC+8), the VeChain Foundation buyback address was compromised. Approximately 1.1 billion VET tokens in this address were transferred into 0xD802A148f38aBa4759879c33E8d04deb00cFB92b, the hacker’s address. 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.

https://medium.com/@vechainofficial/vechain-foundation-announcement-8459492ee039

So another hacked was experienced by crypto project. I don't know what much it in dollars but I will assumed its huge amount again. It's sad to hear this kind of hackings in crypto sphere, but then again those criminals are always one step of the game.

This has given a bad face to the crypto currency, a 10% decline for VeChain, this certainly makes investors and traders feel disadvantaged, but uniquely VeChain will buy back VET, this is interesting

btcltcdigger

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Quote from: tsaroz on December 14, 2019, 02:06:36 AM

Things are not going good for VeChain and the results are displayed on the price. VeChain was supposed to be the coin for China but lost it's major project and now struggles with such blunders rather than any good news. It's getting difficult for VeChain to ever attain back it's ATH.

I wouldn't neccessarily agree.
It's China after all. Worlds biggest economy. If China wants something to happen, it will happen

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