Research summary
VNXAU is a gold token at one gram per token, issued by VNX Commodities AG in Liechtenstein under the country’s Blockchain Act. The bars sit at Philoro Edelmetallhandel AG in Eschen. About 43,984 VNXAU were outstanding across chains on 2026-09-23, roughly $5.9 million, and 72% of them were on Etherlink. On paper this is the stronger kind of gold token: the holder owns a share of numbered bars, and the Terms keep the gold out of VNX’s bankruptcy estate. In practice four things weaken it. The vault account is in VNX’s name and VNX’s own register decides who owns what, so a holder who never registers is not the owner the documents describe. The last reserve check, an agreed-upon procedures report with no assurance, counted 13,100 grams at 2025-12-31 and did not cover Etherlink, where most of today’s supply was minted after it. On every EVM chain a single private key controls the admin and upgrade keys, and the token can freeze an address and move its whole balance to VNX. And vnx.li was offline, with the Terms available only as a 2023 archive. The assessment is adverse.
Observable review triggers
- VNX publishes a reserve report, with assurance, that covers every chain including Etherlink
- The admin and upgrade keys move from single keys to a multisig or timelock
- VNX republishes current Commodity Token Terms, or its site returns with different terms
- The FMA records a MiCA authorization, or a lapse of the token generator or TT depositary registration
- VNX freezes and reclaims a holder’s balance, or supply across chains keeps growing without a reserve report
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized commodity
- Chains examined
- Ethereum, Base, Polygon, Etherlink, Solana
- Instruments
- VNXAU
- Reviewed
- Next review