- Major South Korean exchanges delist Litecoin (LTC).
- Major concern towards the privacy features of the new MWEB upgrade.
- South Korea is extremely stringent towards the safety protocols after the Terra LUNA tragedy.
The delisting and ban of Litecoin (LTC) was indeed highly evident more than two weeks back. Ever since, the news of the new upgrade for the LTC came to limelight, with specifics regarding the privacy features, it was well predicted that LTC would be indeed facing a hard time.
The LTC has a name for itself, being among the top ten cryptos, with the Bitcoin (BTC) as its model frame. Besides all this, it has been more than two years since the last upgrade for LTC. Also, the new upgrade accounts to only the second upgrade for LTC since beginning.
On the contrary the major reason for such delisting and banning of the LTC is with regard to the MWEB latest upgrade. According to the MimbleWimble (MWEB) upgrade, the transaction being done is kept completely anonymous, with which the transaction being made cannot be accounted for.
This inturn bypasses the mode for a valuable taxation upon the transaction being made. And so, this poses a threat for unaccountable crypto transactions.
Decisions of the South Korean Exchanges
In spite of all this, about more than five major crypto exchanges of South Korea have delisted LTC. This includes, Bithumb, Upbit, Korbit, Gopax, Coinone and several others.
Moreover, the decision was not taken instantly by the exchanges. Most of the exchanges approached the Litecoin Foundation, in order to get a clear picture of the new MWEB upgrade.
Furthermore, as the new upgrade poses to be completely anonymous, with high risk factors involved, most of the major South Korean exchanges have delisted LTC. Also, the Upbit exchange has declared a time period of 30 days for the LTC holders in order to withdraw or swoop their LTC holdings. All such hustle and bustle correlates with the fact on how South Korea looks forward to protecting its people from such economic financial deprivation caused by the Terra LUNA tragedy.