VeChain Reaches Consensus on Burning Stolen Tokens

The VeChain project completed its first ever All-stakeholders Voting with the participation of all interested parties, which resulted in the “burning” of 727 million VET tokens that were recently stolen by a hacker, following a mistake by one of the VeChain Foundation employees.

VeChain’s governance is to reach a consensus thus making the Steering Committee and Authority Masternodes of the blockchain concluded on implementing a temporary block list after which the community voted strongly to introduce a permanent block list in connection with the latest theft.

With the participation of more than 15% of each category of interested parties, the minimum voting threshold and voting process were met and validated. A total of 1,410 votes were cast, 99.06% agreed to the implementation of permanent block lists, while the rest voted against:

“53.47% of Authority Node holders participated in the ballot, casting 54 votes. 19.00% of Economic X Node holders participated in the ballot, casting 848 votes. 17.70% of Economic Node holders participated in the ballot, casting 508 votes.”

In accordance with the final voting result, VeChain will destroy 727 million VET tokens involved in the theft, which will lead to their irrevocable removal from the entire VeChain circulating supply — tokens are recognized as burned.

Image courtesy of Cryptos TV