Note: This story has been updated to provide more details about the incident.

VeChain Foundation's wallet has been compromised in a hacker attack targeting funds earmarked for the foundation's buyback plan.

Per a VeChain Foundation announcement on December. 13, an unknown hacker has redirected 1.1 billion VET tokens — valued at approximately $six,600,000 at press fourth dimension — from the VeChain Foundation'southward buyback wallet to a personal wallet accost.

Security breach is likely a event of internal misconduct unnoticed due to homo error

In the initial update on the incident, VeChain Foundation noted that the hack is in "no way related" to the operations of the actual standard process or VeChain's hardware wallet solutions.

According to the argument, the VeChain'southward security breach was likely due to misconduct of one of its staff members in the finance team. Specifically, the person has allegedly created the buyback account partly violating the standard procedure canonical by the Foundation. The auditing team did not option up the misconduct due to human error, the proclamation notes.

Measures to mitigate the situation and add together more clarity

In the same declaration, the Foundation has listed a number of measures designed to mitigate the incident and get more clarity. Equally such, the firm provided a link with the hacker'south address tagged on VeChainStats in order to instantly trace other addresses interacting with the hacker'south address.

As part of their efforts, the visitor notified all exchanges to monitor, blacklist and freeze all funds coming from the aggressor as well as withdrawals from the respective exchanging wallets.

Additionally, VeChain has launched a security investigation on other crypto assets that are subject field to the custody of the Foundation to prevent further breach. The Singapore-based firm also reported on the incident to law enforcement in Singapore and volition keep monitoring the situation and working with cybersecurity and law enforcement professionals to add more than clarity, the statement notes.

VET token slides over iv% amid the hack

VeChain is a major cryptocurrency and blockchain platform designed to enhance supply concatenation management and business processes. VET token is ranked the 28th largest crypto asset by market place capitalization of $325 million at the fourth dimension of this writing. Following the news, the token dipped over iv% with the market place cap dropping to a low of $320 million. The altcoin is seeing a slight recovery at press time, according to Coin360.

VET 24-hour price chart. Source: Coin360

VET 24-60 minutes toll chart. Source: Coin360

VeChain, which is known for providing its blockchain Thor blockchain for Walmart China's blockchain platform, has recently partnered with Cointelegraph Consulting, a sectionalization of Cointelegraph aiming to contribute to the global adoption of blockchain technology.