Announcing VeChain All-stakeholders Voting Relating to the Recent Foundation Buyback Wallet Incident

In accordance with the latest VeChain Foundation Public Disclosure regarding the buyback wallet theft incident, an urgent, temporary action has been taken to contain the negative impact on VET stakeholders by means of an emergency patch, VeChainThor v1.1.5. This update was released by VeChain Foundation upon the Steering Committee’s approval and was agreed by all Authority Masternodes to update their software to implement a temporary block on the addresses controlled by the thief.

For the interest of collective understanding and decentralization, it is VeChain’s vision and commitment that we feel it’s imperative that the community gets to make the final decision on the destiny of the blocked addresses and stolen funds. Hence, we would like to initiate the first ever VeChain all-stakeholders voting on this subject based on the recently approved VeChain Governance Charter. This voting will decide whether or not to implement the block list on the VeChainThor blockchain permanently, and the action to be taken as a result of the vote would be to make the 469 tainted addresses owned by the thief designated as burn-addresses, and de facto making the frozen 727 million VET tokens burnt tokens, forever subtracted from the total and circulating supply.

Unfortunately, the all-stakeholders voting function on VeVote is still under development after the recent finalization of the updated governance model, but due to the urgency of this voting, we decided to adopt an alternative method of VTHO transfer to the designated addresses (see below), which follows the exact same rules of the VeChain Governance Charter.

We apologize for the inconvenience, and future all-stakeholders voting will be conducted on the VeVote platform when the features are fully ready.

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