One of the largest Bitcoin exchanges in the market Huobi reported that it has decided to delist 16 altcoins. With the last delist, the number of cryptocurrencies that the stock market has unlisted has reached 32.
Huobi has decided to delist these 16 altcoins
The Bitcoin exchange announced on the December 19 announcement that it will cease operations in the following cryptocurrencies. According to the official status, deposits are disabled as of today. Withdrawals will continue for a while. Huobi is deactivating all transactions for the following 16 altcoins as of 11:00 AM on December 23.
- HOT, HPT, LET, MTN, MONFTER, BHD, CNNS, CHAT, COL, FAIR, GTC, RIFI, TOPC, UGAS, XMX, YCC
Along with the 16 altcoins above, the number of altcoins that the stock market has delisted in the last month has reached 32. Previously, Binance had made a collective delisting decision on the grounds that the projects ‘could not meet expectations’. One of these projects is now requesting 200,000 BNB from Binance.
Giant Bitcoin exchange sued after delist decision
cryptocoin.comAs you follow, Binance has recently delisted a decentralized social networking project called Mithril (MITH). In return, the crypto project asked for 200,000 BNB (BNB), which it had to deposit as insurance in order to be listed on the exchange. Binance CEO CZ responded to MITH’s request on Twitter with a screenshot of their contract, showing that the exchange has the right to partially or completely deduct the insurance fund as an additional fee if the listed token price falls below a certain threshold.
CZ said that the token price of the project in question fell below the trigger threshold in many cases. He also stated that after looking at the project, he hasn’t updated the community for almost two years. “The team made the right decision,” CZ said. He acted completely within our rights”.
Mithril is backed by Jeff Huang, a famous Taiwanese musician and popular NFT investor. The founder of the project has a tainted crypto track record with analyst ZachXBT accusing him of embezzling 22,000 Ether.
The exchange between the Binance CEO and a delisted project has caught the attention of the crypto community. Many in the crypto community have reported that the MITH project has not existed since early 2021. He pointed out that the listing insurance of 200,000 BNB was only worth $2 million at the time of deposit against the current market cap of $53 million.
Simultaneously with Binance’s move, it continues to make mass delisting decisions on Huobi. That said, Binance made the headlines last week. Concerns about audits have been raised in recent days, making the audit of proof of reserve a topic of discussion. Meanwhile, crypto analytics firm CryptoQuant says the data is far from an FTX-like event. Currently, the FUD news around Binance has subsided.
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