The 1.1 billion VET Tokens VeChain Looter May End Up With Almost Nothing

On Dec. 13, an unknown criminal stole approximately 1.1 billion VET tokens (appr. $6,380,000) from the VeChain Foundation’s buyback address.

Following the incident, the project reported that it had taken the necessary measures to ensure that the lost tokens are recovered, including liaising with crypto exchanges in case the hackers try to convert their loot to fiat or any other cryptocurrency.

However, attempts to get hold of the tokens has proved abortive after the thief allegedly made away with roughly 373 million VET tokens (worth around $2.2 million) at the time of writing.

But that could be all that he gets from compromising the VeChain buyback address.

VeChain Stakeholders to Vote on The Future of Remaining 727 million VET tokens

Following the ugly incident, the VeChain Foundation released an emergency patch (VeChainThor v1.1.5.) that implemented a blocklist on the 469 tainted addresses owned by the thief. These addresses contain the remaining 727 million, which has thus far remained frozen.

Today, the VeChain Foundation revealed it would observe the inherent blockchain principle of decentralization by allowing all-stakeholders on the network to vote on what should be done to the remaining tokens in possession of the thief.

The proposal is to leave the hacker with nothing more than he has managed to loot, while also saving VET holders from further loses.

VeChain stakeholders will vote on whether the blocklist implemented on VeChainThor v1.1.5 will remain permanent.

If the community agrees, the 469 tainted addresses containing the tokens would be designated as burn addresses, making the 727 million tokens permanently non-existent. In other words, the total VeChain token supply will reduce from the current number, 86,712,634,466 VET to approximately 85,985,634,466 tokens.

Entities running, Authority Masternodes, Economic X Nodes, and Economic Nodes on the VeChain network are eligible for the vote when the ballot is opened in the coming days.

Meanwhile, the success of the proposed all-stakeholder voting by the VeChain Foundation could set the standard for other blockchain projects, such as NULS.

On Monday, Coinfomania reported that NULS lost $420,000 worth of tokens to hackers, with over 25% of the stolen tokens now untraceable.

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