VeChain Foundation Public Disclosure

How did we respond to the incident?

On December 13, as soon as we noticed the abnormal transaction of the Foundation buyback wallet, we informed the Steering Committee to launch the incident response protocol and called an urgent meeting with leaders in various functions. We checked immediately the security of the rest of the Foundation wallets, notified major exchanges and take all needed actions to reduce the possible impacts on the market to protect all stakeholders.

What is going to happen next?

VeChain always aims for iterating and profound balance of decentralization for transparency and trust, and execution efficiency.

Our Internal Management Decisions

While the related employee has been held accountable for the mistake, the head of VeChain Foundation Operation Committee overseeing the finance unit will take responsibility for this incident which happened under his charge. 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.

事件进展及处理过程

2019年12月13日晚,当发现唯链基金会回购钱包发生异常交易时,唯链基金会第一时间通知战略决策委员会启动紧急预案,并召开各职能部门负责人紧急会议。我们立即对基金会其他钱包进行检查,排除异常,确保安全,并通知各主要交易所,采取一切必要措施减少此次事件有可能对市场产生的影响,以保护所有利益相关者的权益。

进一步举措

唯链基金会始终致力于在民主治理和高效执行中维持有机且持久的平衡。

内部管理及调整

该事件由财务部门个别员工操作不当引发,直接相关人员已受到相应处理。唯链基金会运营委员会负责人张杰先生作为财务部门的负责人对此负有管理责任。张杰将卸任首席财务官的职位,并由财务总监暂代。同时,张杰先生已放弃第二届唯链基金会战略决策委员会的被选举资格以及2020年50%的全年薪酬。

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The VeChain Foundation is a non - profit entity established in Singapore.

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VeChain Foundation

VeChain Foundation

The VeChain Foundation is a non - profit entity established in Singapore.

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