Users of Binance who hold VeChain's $VEN tokens on the exchange had 'a moment of panic' on Tuesday when their $VEN funds suddenly dissappeared. No need to worry: it’s a result of Binance undergoing the mainnet swap from $VEN to $VET tokens.
Some Binance users have taken to Twitter to express their confusion at the sudden disappearance of all their VEN tokens.
@binance suddenly all my VEN is gone....neither are the trading pairs visible...what exactly happened?— Crypto_Scientist (@ScientistCrypto) July 24, 2018
$VEN is gone from binance. anyone else. wtf— Shill_I_Am [XLM] (@CryptoJohno) July 24, 2018
— Dankimus (@BillOfRights1st) July 24, 2018
Binance released info regarding the mainnet swap a few days ago. In it they stated that as of 22 July, deposits and withdrawals of VEN would be suspended. The next day, trading in all VEN pairs were halted. Then on the 25th, trading will open for the new VET/BTC, VET/ETH, VET/BNB and VET/USDT will open at 4:00 AM (UTC). At this time, deposits and withdrawals will also be opened.
For every VEN, holders receive 100 VET.
@cryptocryptic1 don’t worry. Binance is busy with the 1:100 swap. So tomorrow you don’t have VEN anymore, but you will have VET. Example : if you had 1000 VEN, tomorrow you have 100.000 VET. Download there official wallet @ (@vechainofficial) pinned message 🙏🏻— Crypto_Steve (@crypto_stevee) July 24, 2018
Just looked for my $ven stack on Binance and had a moment of panic (mainnet swap, funds are almost assuredly safu). I know many of you say it'll go to zero anyway but we're not there yet! #altseason #eth— CryptoChords (@vectorcoin) July 24, 2018
VeChain recently moved away from the Ethereum blockchain to their own Thor blockchain, allowing for more real world applications. Additionally, the move allows VeChain to capitalize on the lesser used Proof of Authority (PoA) protocol, instead of Proof of Stake (PoS) or Proof of Work (PoW). VeChain token is currently up 1.78% to trade at $1.86.
With the launch of the Thor blockchain a new token is also created: the THOR token. Holders of $VET will also receive $VTHO, similar to the NEO system where holders receive $GAS.