VeChain Stolen Crypto Aftermath: 727 Million VET Frozen

VeChain Stolen Crypto Aftermath: 727 Million VET Frozen

11:35 - 26/12/2019


The VeChain Foundation was recently compromised. As we’ve reported a few days ago, the foundation has been hit really severely. It’s been revealed that the foundation has been calling on all crypto exchanges all over the world to block 1.1 billion VET. VeChain revealed that the stolen tokens were transferred to a hacker’s address. VeChain …

What is the VeChain ?

VeChain (VEN) is a platform, based on Blockchain technology, which guarantees the traceability of any type of good and therefore improves the transparency of the life cycle of objects.

The goal of VeChain is to provide greater market transparency and to provide consumers with access to detailed information about the product they have purchased, sold or used.

VeChain provides simple and secure ways for product manufacturers to collect, manage, and share important data to vendors and end-users about the complete product lifecycle. Blockchain technology is used to ensure the security of all data.

The VeChain platform allows manufacturers to assign a unique identity to a product that will allow resellers, partners and consumers to interact with the product through the platform.

Product traceability is provided by NFC chips, RFID chips or QR codes. The chip or the QR code can be consulted at any time by the consumer, to learn more about the provenance on product.