Share this article
VeChain Foundation Hacked for $6.5M in VET Token Theft
A VeChain buyback wallet containing 1.1 billion VET was compromised by an unknown hacker, the firm said Friday.
Updated May 9, 2023, 3:04 a.m. Published Dec 13, 2019, 7:20 p.m.
Enterprise blockchain platform VeChain has been hacked, losing 1.1 billion VET tokens worth an estimated $6.53 million, the firm announced Friday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The Singapore-based VeChain Foundation’s buyback wallet was compromised by a hacker at 12:27 UTC on Friday, VeChain wrote, with the funds being withdrawn to a private address. The firm says it has tagged and tracked the funds and is working with cybersecurity firm Hacken to isolate the tokens’ flow to various exchanges.
The hacked funds represent a little over 1 percent of outstanding VET, which has a fixed supply of 86.7 billion tokens, according to data provider Messari.
VeChain attributes the hacking to a human error within the foundation and has since corrected the error and protocols, the firm said.
"We have narrowed down the possibilities enough to lead to a highly probable theory," VeChain wrote in Friday's announcement. "Security breach was most likely due to misconduct of one of the team members within our finance team."
Launched in June 2018, VeChain serves as a supply-chain tool for automakers such as BMW and Renault. Most recently, the firm devised a way to prove authenticity in Shanghai’s wine market through a traceability platform.
VeChain did not respond to requests for comment as of press time.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Cascade Unveils 24/7 Neo-Brokerage Offering Perpetuals on Cryptos, U.S. Stocks
The platform will let retail traders use one margin account to trade round-the-clock perpetual markets.
What to know:
- Cascade has introduced a 24/7 brokerage-style app for perpetual markets spanning crypto, U.S. equities and private-asset exposure.
- The firm is pitching a single, unified margin account with direct-to-bank U.S. dollar capability for deposits and withdrawals.
- The company has raised $15 million from investors including Polychain Capital, Variant and Coinbase Ventures.
Top Stories
