Vechain [VEN]: Digital assets ‘vanish’ from Binance, users panic
On July 19, cryptocurrency exchange Binance announced on their website and tweeted about VEN/VET Mainnet Swap.
Binance informed at that time that the deposits and withdrawals of VEN will be suspended starting from July 22, 0:00 AM (UTC). They wrote, “Please ensure that you leave sufficient time for your VEN deposits to be fully processed prior to this time.”
Binance also mentioned that the trading will be halted in all VEN trading pairs on July 23. Trading to open for the new VET/BTC, VET/ETH, VET/BNB and VET/USDT trading pairs on July 25 at 4:00 AM (UTC). Deposits and withdrawals for VET will also open during that time.
However, users took to Twitter stating about sudden loss of their digital tokens from their wallet on July 24. One of the Twitter user, Nostradacoin tweeted, “My $VEN is not in my wallet? I hope I receive my $VET before you open trading.”
SimonjonesLDN, another Twitter user wrote: “Hey. That’s great. But just checked my funds and my VEN have completely vanished and I can’t see any VET. Is this normal? And when will my VET appear? Thanks.” Another Twitter user, Alandegaray, said: “I had VEN and my funds disappear. Are they gonna be there tomorrow?”
While Twitter users were going berserk as to what’s happening and why their coins ‘disappeared’, it looked like redditors were well aware of the reason. They were, in fact, pretty amazed that people aren’t aware.
Redditor, Lewislewis70 posted: “Tell me about it. I’m into VEN but it genuinely amazes me how people put money into something yet have no idea what’s happening even though it’s a Google Search away. Shows how many people are investing without actually doing their research.”
While another Redditor stated: “People who are holding long term aren’t necessarily going to pay attention to the flood of information that disseminated daily. Not like there will be any real difference between VeChain on Ethereum vs Thor.”
To explain what’s going on, a Twitter user wrote, “…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.”
Image via Shutterstock
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