vechain

VeChain Belt and Road Initiative Released Patch to Freeze Hacker Accounts

December 24, 2019 Off By Steven Anderson

VeChain is helping to establish “The Belt and Road Initiative Blockchain Alliance,” in response to that VeChain Foundation responded, “The Belt and Road Initiative Blockchain Alliance and other co-founding members include @DNVGL, The Belt and Road Initiative Research Institute of @Tsinghua_Uni, and more.”

The 3rd Belt and Road Initiative (BRI) Forum of Tsinghua University happened from December 19, 2019, through December 20, 2019.

VeChain will be helping with leveraging blockchain technology for BRIBA, The Belt, and Road Initiative Blockchain Alliance.

The Alliance has been formed to assemble resources from all members and later joined members.  They will be powering BRI infrastructures and business processes using blockchain technology.

VECHAIN PATCH TO FREEZE HACKER ACCOUNTS

VeChain Foundation recently released a patch to freeze hacker accounts.  About 1.1 Billion VET tokens in theft from VeChain.

VeChain Token (VET) and VeThor (VTHO) are used to make payments in the network.  The VeThor is used to execute smart contracts and to run applications on the blockchain.  The value of the VET Tokens stolen amount to $6.7 million.

After due investigation, it is that theft of the privacy key of the buyback address in the wallet creation process led to the issue.  And, this has been a reason for the hack.

The company further established itself, stating, “We would like to emphasize that the incident is in no way related to the effectiveness of the actual Standard Procedure or VeChain’s hardware wallet solutions. And the responsible person without following full compliance will hold the accountability and consequences of internal management actions.”

NOTHING CAN STOP VECHAIN

Sunny Lu, VeChain recently stated, “Whatever happened and nothing can stop VeChain from driving to business value.”  The blockchain platform is actively involved in developing real-world applications for adopting enterprise solutions in multiple sectors across the world.  The development tools in both software and hardware are available in turnkey packages.

When talking about the buyback address issue, Sunny Lu acknowledged that it is a rather unfortunate incident.  He stated that they have learned from it.  Being the CEO, the vouched for the accountability of what had happened.  He further said that he would dedicate himself to work on the improvement plan for the internal control systems going forward.

Previously, the launch of VeVote provided for an updated and decentralized governance model where VET holders and relevant stockholders were permitted to participate directly in the governance process. VeChain is continuously involved in promoting and developing the blockchain technology from a technical consensus to a business consensus.  They have been gathering experiences in blockchain adoption in terms of real-world use cases.

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