VeChain has completed its first-ever stakeholder poll with the result of the poll burning 727 million VETs involved in the recent hack of the buyback address, thus taking money out of the circulating supply of the coin.

In December 2019, VeChain took its first major step in maintaining a strong balance between community decentralization and enterprise-wide implementation, by concluding its first all-stakeholder vote.

VeChain’s goal was to reach consensus, making the steering committee and blockchain regulators wind up implementing the temporary block list, and the community later voted forcefully to implement a permanent ban on VETs recently stolen from a buyback wallet address:

VeChain loses over 1 billion VETs due to buyback address hack

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With a participation rate of over 15% for each stakeholder category, the voting threshold and voting process were met and validated.

A total of 1,410 votes were cast among Block No. 4,677,898 to Block No. 4,721,015 and 99.06% approved the implementation of the permanent ban list while the rest voted against the proposal.

The result of the vote was according to to source As follows:

53.47% of the holders of power participated in the ballot (representatives of the MASTERNODE groups), receiving 54 votes.

19.00% of Economic Node X holders participated in the poll, with 848 votes cast.

17.70% of the economic knot holders participated in the poll, receiving 508 votes.

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According to the final vote result, VeChain will destroy the 727 million VET tokens involved in the wallet theft, thus permanently removing JIH from VeChain’s circulating supply, so the stolen tokens can be considered burnt.

Read also:

How VeChain tracked down $6.1 million worth of stolen coins