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.
Do you agree to implement the block list introduced in VeChainThor v1.1.5 permanently as a result of the recent Foundation buyback wallet theft?
Authority Masternodes, Economic X Nodes and Economic Nodes
Option one: Agree
By transferring 1 VTHO to the designated voting address (0xcD0fa3762A536AE37B02953f17daE9202Fc668b8) indicating “AGREE” between 10AM December 25, 2019 and 10AM December 30, 2019 UTC+8, you vote for implementing the block list permanently as part of the VeChainThor blockchain consensus, thus forever burning the 727 million VETs involved in the theft from the total and circulating supply.
Option two: Disagree
By transferring 1 VTHO to the designated voting address (0xA3DAe7194F10762cDd4D4b16fb5953f425cCc88A) indicating “DISAGREE” between 10AM December 25, 2019 and 10AM December 30, 2019 UTC+8, you vote for lifting the current block list implemented in VeChainThor v1.1.5, thus releasing the restrictions of the 727 million VETs involved in the theft.
The option which receives more weighted votes based on the voting authority model prevails.
Only VTHO transfers from Authority Masternodes (endorser address), Economic X Nodes and Economic Nodes (addresses holding the node tokens) will be counted as valid votes.
Only transfers confirmed in the blocks between 10AM December 25, 2019 and 10AM December 30, 2019 UTC+8 will be counted as valid votes.
Each stakeholder category needs at least 15% participation rate in order for the voting authority of the particular category to be counted towards the total voting authority. Otherwise the voting authority will be reallocated, please see section 3.3 of the VeChain Governance Charter for more details.
If an eligible voter makes multiple transfer, the last transfer in time sequence within the polling time window to either of the voting addresses counts.
For addresses that hold more than one node, the vote will only be calculated in the category which is higher in the voting authority model.
Your vote will be invalid in the following circumstances:
The origin address of the transfer does not belong to any of the stakeholder categories defined by the governance charter.
The VTHO amount transferred doesn’t match the required amount.
The VTHO transfer is confirmed on the VeChainThor blockchain before or after the polling time window.
The participant rate of the voter’s stakeholder category does not meet the minimum requirement.
If your node is stored on a Ledger hardware wallet, you can make the VTHO transfer by accessing My Token via Sync.
Participant rate = number of valid voters in the stakeholder category / total number of nodes in the stakeholder category at the ballot closing time.
Once the ballot is closed, the Foundation operation team will calculate the votes based on the voting authority model and announce the final results within 48 hours. All the voting records are available for independent verification. And based on the final result, the Foundation operation team will work with the Authority Masternodes to implement to change.