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.










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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