2% of the total supply of Verge has been stolen or 1.1 BILLION Verge tokens.
According to Verge Team it was done by a team member of the financial department.
Their official statement:
“Security breach was most likely due to misconduct of one of the team members within our finance team, who have created the buyback account without thoroughly obeying The Standard Procedure approved by the Foundation, and our auditing team did not pick up this misconduct, due to human error.”Verge Team
2% or 5 million USD has been stolen.
What makes this even worse, is that Verge has a staking program (VTHO).
This program would make 800.000 Verge every day, or around 800 Dollar.
That’s an easy $24.000 a month.
The coins are tracked on the blockchain, but sketchier exchanges will gladly take discounted Verge, making it easy for a hacker to get away with a crime like this. We have seen this happen in the past.
Is this a human error or gross neglect? Or maybe on purpose?
Tell us what you think in the comments!