Vechain News Today – Headlines for December 24

  • Vechain’s hack leaves the network in a mess
  • Hackers stole 1.1 billion VET tokens
  • Vechain released VeChainThor v1.1.5 after the attack

Vechain News Today – Vechain has been in quite a mess after the hack that happened on Dec. 13. The CFO of the network has resigned while the network would soon vote for burning the stolen tokens. Vechain also wants to take some huge steps to ensure such an event never repeats itself again.

Vechain’s Hack Leaves the Network in a Mess

Vechain is a blockchain platform designed to enhance supply chain management via the efficient use of blockchain technology. Recently, a group of hackers attacked and breached the system of the firm. The hackers stole almost $7 million from the buyback wallet of the firm. They stole 1.1 billion VET tokens, which they instantly transferred to another address seemingly owned by them.

The firm marked the addressed and various digital currency trading platforms, including Binance, Bitfinex, and Huobi, have blacklisted it. Vechain (VET) has a fixed supply of 86.7 billion. That means the hackers stole about one percent of the total supply. The holdings of the hackers would make things difficult and stomp halt the development of the network.

VeChain (VET) Price Today – VET / USD

NamePrice
bitcoin
Bitcoin
$9,833.971.84%
vechain
VeChain
$0.00672.08%

Vechain Released VeChainThor v1.1.5 After the Attack

The Vechain Foundation released VeChainThor v1.1.5 two days after the attack on the network. This update allowed the Authority Masternode of the network to vote on the issue. The master nodes have frozen more than 700 million VET tokens and blocked more than 450 addresses. Now they have passed the decision to the Vechain community.

The Vechain community would vote to decide whether the tokens should be burned or not. The Vechain Foundation is now contemplating on whether to burn the addresses that are hosting the stolen tokens. Nevertheless, if the Foundation decides to burn the addresses holding the stolen tokens, once the tokens are burned, the total amount of tokens burnt would be subtracted from the total supply in circulation.

The firm did not shy away from taking the blame. They also took responsibility for the attack. Due to the ugly incident, the Chief Financial Officer (CFO) of the firm – Jay Zhang – will be resigning. He would be stepping down from his position. Furthermore, he will relinquish candidacy for the 2020 Steering Committee election and 50 percent of his compensation for next year.

The CEO of the blockchain project also came out to take responsibility for the hack. As a result of the hack, the CEO said that he would also be taking half of his compensation.

However, Vechain is still doing pretty well. It is one of the top gainers over the past day among the top 30 coins by market cap. VET price is up by more than 14 percent, bringing VET to USD price to $0.0063.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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