Breaking Crypto News – How to Secure Your WAVES Holdings After Binance Delisting Announcement?
Breaking Crypto News – After cryptocurrency exchange Binance announced in a blog post that it would no longer support the token, the price of WAVES fell precipitously from $2.35 to $1.71. The blockchain network known as Waves, which was established by Sasha Ivanov, is facing criticism after Binance removed the currency from its listing due to it not meeting “high levels of standard and industry requirements.”
As a result of the announcement, WAVES’s price fell by more than 27.28% and is currently trading at $1.71, as per CoinMarketCap. Binance.US removed WAVES in February for similar grounds, and this delisting comes after that decision. Because of worries that Neutrino USD (USDN), the token’s correlated stablecoin, will no longer be pegged to the US dollar, the token has also been delisted by the Korean exchanges Upbit and Bithumb.
Waves Labs Victim of a 6-Month Cyber Attack
The company that created the Waves blockchain, Waves Labs, was the target of a six-month breach that caused major financial harm and compromised corporate data, Ivanov disclosed in an interview in the middle of 2023. Ivanov said that hackers who were supposedly part of the Russian mafia broke into the company’s management software and tried to demand money. The $530 million loss from Waves Finance’s lending protocol was only one of the company’s problems; this attack only made matters worse. Ivanov refutes allegations that he was part of the conspiracy.
FAQ
What Does it Mean to be Delisted from a Cryptocurrency Exchange?
When an asset is taken off of an exchange, it is delisted. It may occur at the request of the project team or as a result of the asset or its team failing to maintain the exchange-mandated listing standards.
Why have Binance Delisted Waves?
As per Binance, several variables, including a deficiency in trading volume, the project’s quality or dedication, network stability, and others, are typically considered when delisting coins and tokens. Waves’ value dropped by around 27% as a result of the announcement.
Is Delisting a Bad Thing in Crypto?
A cryptocurrency may still be traded over the counter (OTC) or on other exchanges even after it is delisted. However, the asset can have less liquidity, which could make buying or selling more challenging. All cryptocurrency investors should be aware of the danger of delisting.
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