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Tag: VeChain

  • VeChain Denies Bybit’s Explosive ‘Hidden Freeze’ Claim: 2019 Blocklist Was Not a Secret Kill Switch


    VeChain clarifies that the 2019 blocklist action was a one-time, community-approved response.

    VeChain has issued a firm clarification denying recent allegations made in a report published by Bybit’s Lazarus Security Lab, which claimed that the blockchain includes a hidden feature allowing funds to be frozen.

    In a statement released on Thursday, VeChain categorically rejected the claims as “factually incorrect and reputationally damaging.”

    VeChain Slams Bybit’s Research Lab

    Addressing the specific allegations in its recent post on X, the team explained that the only incident resembling such action occurred in December 2019, when a private key theft compromised a single VeChain wallet. Following the breach, the VeChain community voted to implement a one-time, community-approved blocklist to prevent the liquidation of the stolen assets.

    Validators upgraded their node software to reject transactions originating from the thief’s wallets and ensured the stolen funds could not be moved or reallocated. The measure, VeChain clarified, was a transparent, governance-driven response to a major security event and not a unilateral fund freeze embedded in the protocol’s source code.

    The company further explained that the technical distinction between “blocking” and “freezing” while criticizing the Bybit report for conflating validator-level inclusion policies with hardcoded freezing capabilities.

    “We encourage the author of the report to conduct a deeper technical review to understand the implications of mixing up these two mechanisms in a public forum.”

    VeChain also pointed out that independent audits, including those by NCC Group, Coinspect, and Hacken, have confirmed that VeChainThor’s software enables validators, through community-approved governance, to reject certain transactions, but not to seize or freeze assets. The blockchain’s consensus-level checks are designed to support decentralized decision-making rather than centralized control, VeChain added.

    Bybit’s Research

    Bybit’s Lazarus Security Lab report, titled “Blockchain Freezing Exposed: Examine the Impact of Fund Freezing Ability in Blockchain,” claimed that 16 major blockchain networks possess features that allow developers or validators to freeze or restrict user funds. According to the report, VeChain was among several networks, including Binance-backed BNB Chain, Sui, Aptos, and XinFin’s XDC Network, listed as having hardcoded freezing mechanisms directly embedded in their source code.

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    The study, which examined 166 blockchain networks using AI-assisted code analysis and manual verification, identified three primary categories of freezing mechanisms: hardcoded freezing, configuration-based freezing, and on-chain contract freezing.

    The report cited multiple historical examples of fund-freezing events, including Sui freezing $162 million in stolen assets following the Cetus hack, and BNB Chain deploying hardcoded blacklists to contain a $570 million bridge exploit. Researchers concluded that while such interventions can help mitigate damage from security breaches, they also raise concerns about centralization and censorship. It said that the existence of fund-freezing functions, even when implemented for security purposes, challenges the notion of full decentralization.

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    Chayanika Deka

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  • VeChain Skyrockets By 77% To Reach New Yearly High, Analyst Bullish On VET Targeting $1.6

    VeChain Skyrockets By 77% To Reach New Yearly High, Analyst Bullish On VET Targeting $1.6

    In a remarkable display of bullish movement, the smart contract blockchain VeChain,  and its native token VET have emerged as significant players in the altcoin rally, experiencing an impressive surge of 77% since the end of November.

    Over the past seven days, VET has recorded a substantial 33.5% increase, with an additional 5.4% surge in the past 24 hours, propelling the token to reach a new yearly high of $0.03806, a level unseen since May 2022.

    This surge in VET’s value has generated substantial excitement among crypto analysts, who predict promising days and months for the token, noting a clear bullish momentum across various time frames. 

    VeChain Potential Breakthrough 

    Rekt Capital, a renowned crypto analyst, highlights the progress VeChain has made in closing the “Volume Gap” between $0.01728 and $0.02694. 

    Rekt Capital suggests that VeChain is now primed to test the resistance wall between $0.0500 and $0.0600. This analysis indicates that VeChain’s momentum is strong and positions the token for potential further growth.

    VET’s next resistance wall to overcome on the 1-W chart. Source: Rekt Capital on X.

    However, while the bullish prospects for VET appear promising, significant resistance lines must be overcome to achieve further gains. 

    In the event of a continuation of the VET rally above $0.0600, the token will face resistance walls at $0.06170 and $0.06450 before reaching the $0.0700 level on its path towards the coveted $1 mark.

    VET’s Potential Surge To $1.6 Based On Historical Patterns

    In addition to Rekt Capital’s analysis, Egrag Crypto, another respected crypto analyst, offers an optimistic outlook for VeChain’s future. 

    Egrag Crypto believes that VeChain has the potential to reach an impressive target of $1.6. To support this projection, Egrag Crypto examines VeChain’s previous price movements and identifies patterns that indicate the potential for significant growth. 

    VeChain
    VET’s historical patterns. Source: Egrag Crypto on X.

    By analyzing a similar move ‘A’ from VeChain’s launch point at around $0.90, which resulted in a threefold increase from the previous all-time high, Egrag Crypto suggests that VeChain could replicate a similar move, leading to a surge towards the $1.6 mark or even Fib 1.618.

    Egrag Crypto’s analysis aligns with VeChain’s historical performance and reinforces the notion that the token has the potential for substantial growth. 

    With VeChain’s previous all-time high standing at $0.27, achieving the projected $1.6 mark would require a relatively modest 6X surge. Egrag Crypto’s analysis suggests that VeChain could easily experience a 50X to 100X climb from its bottom, presenting an enticing opportunity for investors and traders.

    VeChain
    The 1-day chart shows VET’s surge in the past 30 days. Source: VETUSDT on TradingView.com

    The future trajectory of VET’s uptrend remains uncertain, as it faces the possibility of a correction. The potential risk lies in gainers selling off their tokens, which could jeopardize the bullish momentum of the token. 

    However, the analyses provided by both Egrag and Rekt indicate that VET is well-positioned to reach and even surpass its previous all-time high.

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Ronaldo Marquez

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