Connect with us

Altcoins

VeChainThor [VET] community calls scam: X Node shenanigans

Priya

Published

on

VeChainThor [VET] community calls scam, X-node shenanigans
Source: Unsplash

VeChain [VEN], a leading global enterprise level public blockchain platform was rebranded to VeChainThor [VET] earlier this month. The platform launched its Mainnet and mined the first block on 30th June 2018.

Ever since the launch of its Mainnet, the token’s price has been going on a downward trend whereas the community was expecting it to be otherwise. Even when the whole market was seeing a surge in the price and entered the bull’s race, VET continued to remain in the bear’s grip. The coin has seen a dip of more than 21% in the past 7 days.

VeChainThor [VET] price fluctuation || Source: Trading View

VeChainThor [VET] price fluctuation || Source: Trading View

While a majority of the VeChainThor community is accusing the platform of an exit scam, a portion of the community believes that this is not an exit scam as the company has partnered with huge firms. According to them, the reason for the price drop during a bull market is probably caused because the X Node holders are selling their VEN.

VeChainThor [VET] price comparison

VeChainThor [VET] price comparison

Before the Mainnet launch, all the X Node holders were required to have a minimum of 6000 VEN at all time. Since there was a token swap because of the Mainnet launch, the X Node holders are not liable to hold the required amount in their address until September. According to the community, all the X Node holders have started to sell their VEN to earn a profit and re-buy the minimum threshold in the month of September and not be penalized for it.

To reward all the early investors of VeChain, the platform introduced the economic X Node program. The VEN in the economic X Node program was in a mandatory lockup and the addresses of the economic X Node program were required to have a specific amount of VEN at all time.

Moreover, the token swap of VEN to VTHO/VET has not been completed on all the exchange platforms and this might also be a contributing factor to the price drop.

Jonnymanchild, a Redditor says:



“I say this as a VeChain bagholder, but one who is still confident; I feel like there are just too many big names attached to this project for it to be a scam. If not for that fact, I’d actually be a bit worried about this”

Lonxu, a Reddit user says:

“The node holders are currently free to sell their tokens and buy back at even lower prices…because the next snapshot for holding nodes doesn’t happen for a month or something. So certainly there could be some manipulation going on by the larger holders.”

Proto_ant, another Redditor says:

“The fact that vechain has secured partnerships with huge audit/certification firms like PWC and DNV GL should be telling. Sure, it is up to the company ultimately to not put fraudulent products and info on the blockchain. The enterprises that vechain ultimately services will be audited by industry giants, and I’m sure there will be checks and balances in place to be sure corps don’t find work arounds.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

News

Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Guest Author

Published

on

Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending