Binance Claiming Old VeChain (VEN) Tokens Without Replacing Them, Investors Furious

  • Yuri Molchan
    📰 News

    Binance completes the VEN token migration, but old coins are not replaced with new ones


Binance Claiming Old VeChain (VEN) Tokens Without Replacing Them, Investors Furious

On July 24th, the token swap of VEN to VET (VeChainThor mainnet) was completed. Investors and traders now can deposit and withdraw their new VET tokens as soon as they get the promised coined in the 1:100 ratio.

Earlier, the Binance team announced that trading with old VEN trading pairs would be suspended on July 23rd until July 25th  4 a.m. (UTC) along with deposits and withdrawals.

The exchange claimed that snapshots of VEN coins on users’ accounts would be made so as to later replace one VEN coin with 100 VET tokens.

Houston, we have a problem

Trading with VET against BTC, ETH and BNB and other transactions have resumed. But as for the token swap, this now seems to be a problem to Binance users.

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On July 24th Binance claimed old VEN coins from the customers’ wallets but none of them have so far been compensated with new VET assets.

Traders are openly writing about that in Twitter in an attempt to get some explanation from Binance.

Keep calm and wait for the drop

However, some Reddit users seem to be in the know and just advise the “impatient” users to wait until the new coins are dropped on their accounts.

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About the author

Yuri has worked in crypto since 2017. A translator, quickly became a crypto enthusiast. He has worked for several Telegram channels covering cryptocurrencies. Currently is a news writer, covering crypto and blockchain-related topics.

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