VeChainThor [VET] community calls scam: X Node shenanigans

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.”

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