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VeChain stakeholders voted about the buyback wallet incident

By Inkarias - 2019-12-30

From the latest VeChain Foundation Public Disclosure regarding the buyback wallet theft incident that occured, an urgent, temporary action has been taken to contain the negative impact on VET stakeholders by means of an emergency patch, VeChainThor v1.1.5. This update was released by VeChain Foundation upon the Steering Committee’s approval and was agreed by all Authority Masternodes to update their software to implement a temporary block on the addresses controlled by the thief.

This solution was to ensure the integrity of the chain at all cost and as fast as possible. VeChain team’s vision is that community gets to make the final decision on the destiny of the blocked addresses and stolen funds and thus, has decided to initiate the first ever VeChain all-stakeholders voting on this subject based on the recently approved VeChain Governance Charter. This voting will decide whether or not to implement the block list on the VeChainThor blockchain permanently, and the action to be taken as a result of the vote would be to make the 469 tainted addresses owned by the thief designated as burn-addresses completely destroying the 727 million VET tokens from the total and circulating supply. The exact proposal that was submitted is:

“Do you agree to implement the block list introduced in VeChainThor v1.1.5 permanently as a result of the recent Foundation buyback wallet theft?”

Status of the function

Unfortunately, as stated by the team , the all-stakeholders voting function on VeVote is still under development after the recent finalization of the updated governance model.Due to the urgency of this voting , the core team of Vechain decided to adopt an alternative method of VTHO transfer to the designated addresses which follows the exact same rules of the VeChain Governance Charter.

All details regarding the theft and solutions can be read at https://www.vechain.com/