The price of VeChain might increase to 100 Satoshis per Analyst as the token has outperformed the top 99 tokens and is surging by 10%. These are despite the attack of the site by the hackers. VET has posted a higher growth after 1.1 billion VET has gone to hackers.
In an official response to the recent hack, 66% of the stolen tokens got frozen. This has been done to overcome the consequence of the theft. VeChain is focusing on preventing the stolen funds from mixing up with their native wallets.
“Currently, 469 addresses owned by the thief have been blocked by the Authority Masternodes, which froze about 727 million VETs.”
Top managers in the firm have got punished for the money leak. They are working towards safeguarding themselves against similar attacks in the future.
About five days after the hack, “An emergency security batch was implemented into the blockchain. As a result of this collaboration, 469 addresses owned by the thief (or thieves) have been blocked by the master nodes, leaving 727 million VET tokens frozen in the process.”
The tokens of the hack, when discovered, will be burned by the community. The first sanction stated, “Jay Zhang will step down from his role as CFO and be replaced on an interim basis by the current financial controller. Moreover, Jay Zhang also foregoes his candidacy for the upcoming Steering Committee election in 2020 and forego 50% of his compensation for the entire year of 2020.”
Further Sunny Lu will forego about 50% of his compensation for 2020, in a penalty for the hack.
VeChain foundation announced a partnership with Anhui Tea Industry Association. The company will focus on improving the production and distribution of tea in Anhui with blockchain technology.
The foundation stated, “The tea industry set on the fronts of poverty alleviation in the [Anhui Province], as many locals are engaged in the tea trade, often from the lower ends of the income bracket.”
The blockchain technology will help investors verify and certify the complete information related to the life cycle of the different products. They are eventually contributing to efficiency and productivity through all stages of production in the supply chain. The presence of the Chinese Tea industry in the international markets will be improved.
About 670 enterprises and 194 business owners who are a part of the Anhui Tea Industry Association will implement the blockchain technology, thus expanding the utility of VET.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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