VNX Gold (VNXAU)
Base: can freeze a holder, pause transfers, claw back, mint, change the code. Owner key: a single key. A single key, through a contract, can change the code with no delay.
Polygon: can freeze a holder, pause transfers, claw back, mint, change the code. Owner key: a single key, through a contract. A single key, through a contract, can change the code with no delay.
Etherlink: can freeze a holder, pause transfers, claw back, mint, change the code. Owner key: a single key. A single key, through a contract, can change the code with no delay.
Solana: can freeze a holder, mint. A single key can freeze a holder.
Research and shelf status are on the memo: VNX Gold (VNXAU) Adverse research finding
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- What the holder owns
Ownership of specific gold bars held for the holder in a Liechtenstein vault; the Terms pool them in a holders’ deposit and let VNX return an equivalent bar.
“is a blockchain token that represents ownership of specific physical gold bars purchased and stored in the VNX Gold holder’s name in a highly secured professional vault in the Principality of Liechtenstein.”
VNX GitBook: VNX Gold executive summary · Executive Summary, first paragraph · words found 2026-09-23
- What the holder owns
The holder is the lawful owner only after registering with VNX and passing its identity and AML checks.
“Each VNX Gold token holder is the only lawful owner of the gold subject to successful registration, identification, and passing anti-money laundering checks on the VNX Platform.”
VNX Platform GitBook (full text, read live) · Executive Summary, second paragraph · words found 2026-09-23
- What the holder owns
The vault account is in VNX’s name, as holder for the token holders.
“stored in a specialized high-security storage facility in Liechtenstein in the name of VNX Commodities AG as the vicarious owner, registrar and depository for the VNXAU-token holders”
AREVA General Auditing and Trust Company: agreed-upon procedures report on the VNXAU Gold Reserve Report as of 2025-12-31 (signed 2026-03-23; Wayback capture of 2026-04-24) · Page 3, Description of procedures · words found 2026-09-23
- Who may hold it
VNX says which countries it excludes only during account opening; the documents do not mention US persons.
“The eligibility and criteria to use the Services also depend on the country of Your residence. You will be notified of any restrictions during the user account opening process on the Platform.”
VNX Commodities AG: Commodity Token Terms (dated 2023-02-23; Wayback capture of 2023-03-31; the live copy returns 403) · Terms (2023), Section 1.1 · words found 2026-09-23
- First purchase minimum
1,000 VNXAU, one 1 kg bar, to buy from, sell to, or take delivery from VNX; no minimum to hold.
“Minimum limit: 1,000 VNX Gold representing ownership of 1 kg (1,000 grams) gold bar (and multiples thereof) for purposes of the purchase, sale and delivery transactions with VNX Commodities”
VNX Commodities AG: Commodity Token Terms (dated 2023-02-23; Wayback capture of 2023-03-31; the live copy returns 403) · Terms (2023), Annex III · words found 2026-09-23
- Account types
Individuals, through personal accounts, and companies or other organizations, through business accounts.
“The Platform allows to open personal (for individuals) and business user account(s) (for legal entities and/or unincorporated organizations (“Organization”)).”
VNX Commodities AG: Commodity Token Terms (dated 2023-02-23; Wayback capture of 2023-03-31; the live copy returns 403) · Terms (2023), Section 1.3 · words found 2026-09-23
- Who it may be transferred to
Freely on chain without VNX’s consent, less a transfer fee, but the sender must give VNX the recipient’s name and email.
“VNX Commodities AG’s consent is not required for VNX Gold transfers. However, the token holder must notify and disclose the details (email and name) to VNX Commodities AG in case of a VNX Gold transfer.”
VNX GitBook: VNX Gold transfers · VNX Gold Transfers, first paragraph · words found 2026-09-23
- How a holder redeems
Registered holders collect bars at the vault in Liechtenstein or have them delivered, from 1 kg.
“Physical collection and delivery of gold bars is possible in gold bars starting from 1 kg and multiples thereof.”
VNX GitBook: Operations with VNX Gold on the VNX platform · Operations with VNX Gold on VNX Platform · words found 2026-09-23
- Who keeps the official record
Both: title moves with the token on chain, and VNX keeps a Commodity Entitlements Register that its auditor calls the basis of the property right.
“This report does not express an opinion about the accuracy and completeness of the register of the single token holders which VNX Commodities AG is keeping and which is deemed to be the basis to assert a property right.”
AREVA General Auditing and Trust Company: agreed-upon procedures report on the VNXAU Gold Reserve Report as of 2025-12-31 (signed 2026-03-23; Wayback capture of 2026-04-24) · Page 6 · words found 2026-09-23
- What the issuer says it can freeze or take back
On a court or authority order VNX may block tokens, move them to its own wallet, or cancel them; on chain, each EVM token’s asset-protection key can freeze an address and then take its whole balance.
“enforcement may be in the form of blocking the relevant Commodity Tokens, transfer of the Commodity Tokens to the on-the-Platform custodial wallet controlled by VNX Commodities, cancellation of the Commodity Tokens”
VNX Commodities AG: Commodity Token Terms (dated 2023-02-23; Wayback capture of 2023-03-31; the live copy returns 403) · Terms (2023), Section 14 · words found 2026-09-23
| Fact | What the file records |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | None |
| SIPC coverage of the wallet | No |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Ethereum | Yes | Yes | Yes | No | Yes | Owner key: a single key, through a contract. A single key, through a contract, can change the code with no delay. |
| Base | Yes | Yes | Yes | No | Yes | Owner key: a single key. A single key, through a contract, can change the code with no delay. |
| Polygon | Yes | Yes | Yes | No | Yes | Owner key: a single key, through a contract. A single key, through a contract, can change the code with no delay. |
| Etherlink | Yes | Yes | Yes | No | Yes | Owner key: a single key. A single key, through a contract, can change the code with no delay. |
| Solana | Yes | No | No | No | No | A single key can freeze a holder. |
Who holds the keys
Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|
| Ethereum | Owner | grant and revoke these powers | a contract run by a single key | 0xcdb3…c9ae |
| Ethereum | Proxy admin | change the code | a contract run by a single key | 0xc8bb…0400 |
| Base | Owner | grant and revoke these powers | a single key | 0xd630…051f |
| Base | Proxy admin | change the code | a contract run by a single key | 0x35bb…79e8 |
| Polygon | Owner | grant and revoke these powers | a contract run by a single key | 0xbbe0…0172 |
| Polygon | Proxy admin | change the code | a contract run by a single key | 0xed69…a117 |
| Etherlink | Owner | grant and revoke these powers | a single key | 0x21f5…59c1 |
| Etherlink | Proxy admin | change the code | a contract run by a single key | 0x385d…7a2b |
| Solana | Mint authority | mint new tokens | a single key | 51b5UJ…sxaY |
| Solana | Freeze authority | freeze a holder | a single key | 51b5UJ…sxaY |
Ethereum: 4 contract reads at block 26042884, 4 functions in verified source, 2026-09-23
- eip1967.implementation=0x6b456a9bdc0f6849c0e54306acc56b67a2957a56
- eip1967.admin=0xc8bb8eda94931ca2f20ef43ea7dbd58e68400400
- owner()=0xcdb3867935247049e87c38ea270edd305d84c9ae
- paused()=false
- freeze in verified source 0x6b45…7a56
- pause in verified source 0x6b45…7a56
- reclaimTokensFromFrozenAddress in verified source 0x6b45…7a56
- upgradeTo in verified source 0x6b45…7a56
Base: 4 contract reads at block 51704945, 3 functions in verified source, 2026-09-23
- eip1967.implementation=0x709616610224dd12542bf7e862c00d0beb4a66c5
- eip1967.admin=0x35bb28feef0499d7580ed8e8ef1a19ab346b79e8
- owner()=0xd63052e09af164cef57695d3b96043ea848b051f
- paused()=false
- freeze in verified source 0x7096…66c5
- pause in verified source 0x7096…66c5
- reclaimTokensFromFrozenAddress in verified source 0x7096…66c5
Polygon: 4 contract reads at block 94329375, 4 functions in verified source, 2026-09-23
- eip1967.implementation=0x5f85aaab5294541fff808d16c026aec31d5b3f87
- eip1967.admin=0xed69422ba3813968371ce9a55a8b40965725a117
- owner()=0xbbe070a5f848b532fd4c9ceee77f66867fb70172
- paused()=false
- freeze in verified source 0x5f85…3f87
- pause in verified source 0x5f85…3f87
- reclaimTokensFromFrozenAddress in verified source 0x5f85…3f87
- upgradeTo in verified source 0x5f85…3f87
Etherlink: 4 contract reads at block 54096409, 3 functions in verified source, 2026-09-23
- eip1967.implementation=0x83b787f31c15a3428ea10b0ef4dae59b40e18f12
- eip1967.admin=0x385ddca38c98743b5bc6e299371511066ea47a2b
- owner()=0x21f5727b19051a0a483f05ce3c379202daa559c1
- paused()=false
- freeze in verified source 0x83b7…8f12
- pause in verified source 0x83b7…8f12
- reclaimTokensFromFrozenAddress in verified source 0x83b7…8f12
Solana: 2 contract reads at block 449826363, 0 functions in verified source, 2026-09-23
- mintAuthority=51b5UJs8hyyDunrZMWL6ACDXY8FQc1hLLA3M54UksxaY
- freezeAuthority=51b5UJs8hyyDunrZMWL6ACDXY8FQc1hLLA3M54UksxaY
Where it trades
| Venue | Kind |
|---|---|
| VNX platform (verified accounts; 1 kg minimum for purchase, sale, and delivery) | issuer primary |
| LBank (VNXAU/USDT, Ethereum and Q) | exchange |
| XT.com (Ethereum) | exchange |
| Aerodrome VNXAU/USDC (Base) | dex |
| Orca and Raydium VNXAU/USDC (Solana) | dex |
| Uniswap v3 VNXAU/USDC (Ethereum) | dex |
How it exits
| Path | Settlement | Settles in |
|---|---|---|
| Redeem in kind | A registered, KYC-verified holder moves VNXAU to a VNX platform wallet and redeems in 1 kg bars (1,000 VNXAU) and multiples: collected in person at the vault in Liechtenstein, or delivered at the holder’s cost and risk. The holder receives an equivalent bar, not the one first allocated. The 2023 Terms charge a termination fee of 1.5% falling to 0.5% with size, plus a one-time €150 onboarding fee. | XAU (1 kg LBMA bars, collected in Liechtenstein or delivered) |
| Redeem with the issuer in its window | A registered holder with at least 1,000 VNXAU in the platform wallet may have VNX sell the gold and pay out in fiat or crypto, usually within one business day. Smaller amounts may go through VNX’s exchange service, which VNX does not guarantee. | EUR, CHF, USD, stablecoins |
| Secondary market only; no issuer redemption | Holders below 1 kg or without a VNX account exit on LBank, XT.com, Aerodrome (Base), Orca and Raydium (Solana), or Uniswap (Ethereum). | USDT, USDC |
- The implementation behind any of the four EVM proxies changes, or the owner or proxy admin changes; on 2026-09-23 each chain’s admin rests with a single private key (Ethereum 0x7b0c15f3…9403, Base 0xd63052e0…051f, Polygon 0x88f239d6…af4a, Etherlink 0x21f5727b…59c1)
- On Solana, the mint and freeze authority 51b5UJs8hyyDunrZMWL6ACDXY8FQc1hLLA3M54UksxaY changes
- VNX freezes an address, reclaims a frozen balance, pauses a token, or raises the transfer fee
- VNX publishes a reserve report that covers Etherlink, where about 72% of supply sat on 2026-09-23 with no report covering it, or total supply across chains exceeds the last attested grams
- VNX republishes its Commodity Token Terms or its site, or the FMA records a MiCA authorization or a lapse of the token generator or TT depositary registration
- Tokens are issued on Tezos, Stellar, or a new chain
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.
Sources
- VNX Platform GitBook (full text, read live) · primary · accessed 2026-09-23
Supports: ownership of specific bars in the holder’s name, lawful owner only after registration and AML checks, contract list by chain, transfers need no consent but must be notified, 1 kg minimum for collection and delivery - VNX GitBook: VNX Gold executive summary · primary · accessed 2026-09-23
Supports: ownership of specific physical gold bars, vault in Liechtenstein - VNX GitBook: Token details · primary · accessed 2026-09-23
Supports: Ethereum, Polygon, Q, Solana, Tezos, Stellar, Base and Etherlink contracts, exchange and DEX listings - VNX GitBook: VNX Gold transfers · primary · accessed 2026-09-23
Supports: no consent needed to transfer, recipient name and email disclosed to VNX - VNX GitBook: Operations with VNX Gold on the VNX platform · primary · accessed 2026-09-23
Supports: collection and delivery from 1 kg - VNX Commodities AG: Commodity Token Terms (dated 2023-02-23; Wayback capture of 2023-03-31; the live copy returns 403) · primary · accessed 2026-09-23
Supports: partial ownership of a specific commodity held in the holder’s name, numbered pieces in the collective deposit, equivalent bar on redemption, not a security under MiFID II, outside VNX’s bankruptcy estate, Commodity Entitlements Register, blocking, transfer, or cancellation on enforcement, 1,000 VNXAU minimum, 0.15% transfer fee, storage fee by deduction from wallets - AREVA General Auditing and Trust Company: agreed-upon procedures report on the VNXAU Gold Reserve Report as of 2025-12-31 (signed 2026-03-23; Wayback capture of 2026-04-24) · primary · accessed 2026-09-23
Supports: 13,100 VNXAU against 13,100 grams at Philoro, account in the name of VNX Commodities AG, no assurance given, no opinion on the holder register, Ethereum, Q, Polygon, Solana and Base supply only - FMA Liechtenstein register: VNX Commodities AG · primary · accessed 2026-09-23
Supports: token generator and TT depositary registrations, TT exchange service provider expired 2026-07-02 under the MiCAR transition - VNX Commodities AG: imprint · primary · accessed 2026-09-23
Supports: Liechtenstein register number FL0002.654.2718