VeChain Buyback Wallet Compromised

[Fadzinator 285]

Unfortunate news from one of my favorite coin/project.
VeChain's buyback wallet was compromised, 
Estimated $6.6M was stolen and transfer to a hackers wallet.
Now this wallet was put into watchlist and already notified almost all major exchange to block all transaction coming from this wallet.

More info: https://bitcoinist.com/vechain-loses-1m-coins-from-compromised-buyback-wallet/
https://cointelegraph.com/news/vechain-loses-11b-vet-tokens-to-hacker-in-attack-on-buyback-wallet

[Migo 7946]

This is very sad, I'm sure that the customers are so shocked, all the wallets and the markets should increase their security from now on

[duncun007 3577]

ok i dont know whats the deal with hackers nowadays! are they getting better or are these projects really that bad when it comes to security? because upbit and now this hack just say hackers are too good now.

[Fadzinator 285]

According to another update, It is due to the negligence of the person responsible for creating that wallet. 
We don't know, from the past, we also hear that some of the hacking incidents involve inside job.

we're not sure if this one counts, for now the price of vechain is reflecting the impact of this news, it is down 8% at this moment.

[febriyana 934]

That is human nature they maybe forget to secure the wallet or the private key.

But that is big problem about VeChain, because buyback program is the main reason people want invest to that coin.

What i think maybe their employee is doing dirty thing to get that fund and then run away. Then they can't find that employee so they make a news about wallet get hacked. What i know wallet is the strongest ever technology in cryptocurrency, so to hacking it is really impossible. But if private key is known maybe yes really easy to hack in no time.

[Fadzinator 285]

9 hours ago, febriyana said:

That is human nature they maybe forget to secure the wallet or the private key.

But that is big problem about VeChain, because buyback program is the main reason people want invest to that coin.

What i think maybe their employee is doing dirty thing to get that fund and then run away. Then they can't find that employee so they make a news about wallet get hacked. What i know wallet is the strongest ever technology in cryptocurrency, so to hacking it is really impossible. But if private key is known maybe yes really easy to hack in no time.

It can be.. it can be a inside job, but we still don't know. Investigations are already on-going and hopefully they will be punished. It's already happened in the past where an employee is the main reason or suspected for a hacking. 

As for the effect, it is already been affecting the price, almost 20% down from the peak before this happened .

[Afrizal rahman 2636]

Hackers always have a way to do the action. and now we must tighten security in our wallets. it is unfortunate now so many purse ogled by hackers.

[tienda 8776]

Yes sincerely is very sad to heard these types bad news. But I dont understand why and why those owners of wallets and markets they are not investing much on their security they are moving a lot of money and exposing the money of people to hackers without minimum of security!!

[Jokeer 648]

This is quite sad to hear the news. We should one step forward from the hackers. They always try to hack the system we should developer and increase our security to prevent the hacked.

[Akbor 1042]

This is a very sad news for the vechain coin holder. but the authority doing a buy back that is very good news for the vechain investors. I think they may recover their loss.

[AL SHAIMON 1293]

This is a very sad news. I used to believe that  vechain buyback is a very good wallet but hackers are hacking this wallet too. I hope in future they will do more about hacking. 

[fuer44 1083]

On 12/14/2019 at 4:58 AM, Migo said:

This is very sad, I'm sure that the customers are so shocked, all the wallets and the markets should increase their security from now on

Don't you feel strange? lately many cases like that in the middle of the market which is in this bearish period? maybe it was hacking, but I also thought that it was manipulation. it could be for the personal benefit of the wallet and claim that it was stolen. but we can't really say that it's completely true and that's just my opinion.

[Sumayya 493]

Although the hacker will not be able to sell it, if he uses an exchange, they will lock the fund from been sold.

[Crypto123 0]

How did they manage to hack this wallet and steal 6.6 million dollars !!! This is really strange and unfortunate !!! This is what I have always warned of an unsafe internet wallet that is vulnerable to hacking and this is a good example of attention from these wallets.

[babaji 1228]

That is very unfortunate for vechain users. Vechain has a wonderful purpose and goal. But such news is not healthy for the bitcoin or crypto community. Hackers have had such field day by scamming so many innocent gullible investors. exchanges alike.

[Soaib khan 1035]

Bad news crypto currency bad thing is many hackers stealing money.in 2018 binace also hacked.hackers using new- new ways for hacking.

[Amirul Islam 382]

On 12/14/2019 at 1:52 AM, Fadzinator said:

Unfortunate news from one of my favorite coin/project.
VeChain's buyback wallet was compromised, 
Estimated $6.6M was stolen and transfer to a hackers wallet.
Now this wallet was put into watchlist and already notified almost all major exchange to block all transaction coming from this wallet.

More info: https://bitcoinist.com/vechain-loses-1m-coins-from-compromised-buyback-wallet/
https://cointelegraph.com/news/vechain-loses-11b-vet-tokens-to-hacker-in-attack-on-buyback-wallet

It’s a bad news for crypto market also for vechain. Because anytime vechain token price can be dump. Let's see what can the exchangers do for it.

[bentayebsalah 2280]

This is the first time I've heard about the hacker's success in breaking into a crypto wallet and I think the VECHAIN wallet's security system was not as strong as it should have been, and that's why hackers managed to bypass it.

[bliznec 22267]

VeChain Buyback Wallet remains one of the blockchain projects that cost respect from the cryptocurrency community. It is a pity that this is happening with VeChain Buyback Wallet. 

[Captain Karim 0]

Actually, this is unfortunate news, but according to my information, if the wallet is decentralized and requires private keys to open it, no one can control it except by owning private keys, so I wonder about the type of wallet that was hacked.

[Lover840 0]

On 12/14/2019 at 1:22 AM, Fadzinator said:

Unfortunate news from one of my favorite coin/project.
VeChain's buyback wallet was compromised, 
Estimated $6.6M was stolen and transfer to a hackers wallet.
Now this wallet was put into watchlist and already notified almost all major exchange to block all transaction coming from this wallet.

More info: https://bitcoinist.com/vechain-loses-1m-coins-from-compromised-buyback-wallet/
https://cointelegraph.com/news/vechain-loses-11b-vet-tokens-to-hacker-in-attack-on-buyback-wallet

Hello there. That's a very sad news. Although I'm hearing about this platform for the first time. Nothing is safe online these days. Its always under risk of being hacked. 😞

[Thekingcallme 1975]

I've never used this VeChain Buyback wallet nor heard about it and that's why I think it's unfortunate that you will lose your currencies and hope you will succeed in compensating.

[Shaza Ahmad 1682]

This is really unfortunate, but how was it hacked, we know that the decentralized network is very safe and cannot be hacked, where did they hold these currencies?

[pablomarwan 3082]

There is no really unfortunate thing about this issue. It is always a negative change because of what the infidels do, and it has a negative effect in itself. They have to limit what the fraudsters do, because that is not in their interest nor in our interest in investing in this field.

[Rezort 846]

I am glad that I was not using this wallet and it would be stupid of me to trust some unpopular crypto wallet when there are a lot of old and great wallets available.