VeChain(VEN) Users Panic as Their Coins on Binance Start ‘Disappearing’

Yesterday Binance announced on their Twitter account that it successfully completed its VEN Mainnet token swap to VeChainThor [VET]. Its users can now perform operations such as withdrawals and deposits in the VET coin on the new blockchain.

VeChain is a blockchain project that was established in 2013. The platform is focused on providing financial services, supply chain management, and smart contracts deployment. On 30th June 2018, VeChain [VEN] began the release of its Mainnet, which is called VeChainThor [VET].

On 19th July, the Binance support team posted an announcement on their website regarding the Mainnet swap and its date was set on 22nd July.

From the information available on Binance’s website, it seems that all trading operations involving VEN coins were stopped on 23rd July at 4:00 AM [UTC]. Binance promised its users that early snapshots of all their VEN balances would be at the mentioned date after which they would start distributing the VEN coins to their balances.

The following trading pairs will be available for trading starting from 25th July at 4:00 AM: [UTC]VET/BTC, VET/ETH, VET/BNB and VET/USDT. Deposits and withdrawals for the VET tokens were also opened at the same time.

But quite a number of users posted on Twitter that their VEN coins suddenly disappeared from their wallet on 24th July and had no idea why.

But Reddit users appeared to have caught on quick what was the reason behind this disappearance. They explained in their posts that the reason behind the disappearance of their coins was due to them being swapped for VET tokens. Redditors also expressed their confusion as to why certain VEN holders were not aware of this matter.

Binance also stated that its clients will receive for every VEN token they owned 100 VET tokens in exchange.

A Twitter user further clarified why the VET coins have not yet appeared in the wallets:

“@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.”