VeChain CEO to Address Community Live on Twitter About Recent Hack

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Sat, 12/14/2019 - 12:16
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  • After the recent VeChain hack and the loss of 1.1 bln VET, the company’s CEO Sunny Lu intends to address the community live on his Twitter page

Cover image via U.Today

On Friday, VeChain made an announcement, saying that at 8.30 Beijing Time, 1.1 bln VET coins was stolen and transferred to the hacker’s address. As the reason for the incident, VeChain referred to human error and VeChain staff members mismanaging the private key.

“After a responsive investigation, the incident was caused by the fact that the private key of buyback address was stolen during the wallet creation process due to the negligence of the staff member.”

The VeChain mainnet and the company’s official mobile wallet were not damaged or compromised, the statement says.

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The VeChain account writes that the company’s CEO Sunny Lu intends to talk to the community live at 10 p.m. (UTC+8) on his personal Twitter account on Saturday, December 14.

In the comment thread, community members thank Sunny Lu for this move, saying that after the hack this measure is important and many would love to hear what the CEO has to say.

After the hack, the VeChain token VET has recorded a decline of nearly 10 percent.

VET price
Image via CoinMarketCap

 

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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$61 Mln Worth of BTC Shorts Liquidated on BitMEX as Bitcoin Bulls Savour Taste of Revenge

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  • More than $61 worth of Bitcoin (BTC) shorts have been wiped out on BitMEX an extremely volatile day

Cover image via U.Today
Contents

The Bitcoin bulls have managed to score their first major victory since the 38 price collapse on March 12. On Apr. 2, the price of the leading cryptocurrency jumped to an intraday high of $7,273 at 17:03 UTC. 

As a result, more than $61 mln worth of BTC shorts has been wiped out on the BitMEX derivatives exchange, according to data provided by Datamish.    

BitMEX
image by datamish.com

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A minor victory    

According to the BitMEX liquidation bot, some deep-pocketed bears recorded humongous losses with one unfortunate trader squandering at least $100,000 (implying that he used the maximum 100x leverage). 

Still, the $61 mln figure cannot hold a candle to the bull massacre that happened on 'Black Thursday' when an eye-popping $700 mln of leveraged BitMEX positions that were liquidated in one day

The bulls staged a significantly more impressive comeback exactly one year ago when $500 mln worth of shorts were wiped out after a surprising 20 percent pump. 

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A local top?

After its 14 percent rally, Bitcoin has evaporated almost all of its recent gains in tandem with other assets. This shows that Bitcoin is still on very shaky ground, currently trading at $6,764.    

Bitcoin Price
image by tradingview.com

However, the Dow is currently in the green, which means that BTC no longer moves in lockstep with U.S. equities.    

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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