Binance Users See VeChain’s (VEN) To VeChainThor (VET) Token Swap Funds Disappear
Binance just announced the completion of the VEN Mainnet token swap to VeChainThor [VET]. Users are now enabled to make deposits and withdrawals for VET.
— Binance (@binance) July 24, 2018
In a blog post, Binance announced that they allocated to users based on a snapshot of all VEN balances at 2018/07/23 4:00 AM (UTC), based on a ratio of 1 VEN = 100 VET. Binance will open trading for the new VET/BTC, VET/ETH, VET/BNB and VET/USDT trading pairs at 2018/07/25 4:00 AM (UTC). All prior VEN balances have been removed and all VEN trading pairs have been delisted from the exchange.
However, all is not well after the token swap. Users took to Twitter to raise their concerns about the sudden loss of coins from their wallet on 24th July.
One user complained,
“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.”
To which another VEN user added,
“My $VEN is not in my wallet? I hope I receive my $VET before you open trading.”
Twitter was not the only social media that attracted user’s grievances. On Reddit, a user said,
“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.”
to which another user added,
”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.”
However, things seem to be under control now and the trouble seemed to be in the technical details. As a Twitter user explains:
“They are there. Just make sure you uncheck “hide small balances”. Since it is not yet trading, it has no “value” and does not show yet. It's there. $VET #VEN #VET $VEN. I had 3,500 $VEN so now I have 350,000 $VET. We have the same value as before. Don't worry. :) And hopefully, when trading opens, it will spike up nicely.”