South Korean crypto exchanges have mentioned their ultimate farewell to monero (XMR) after Bithumb, the final main buying and selling platform nonetheless buying and selling within the token, formally delisted it yesterday. The so-called privateness token has endured a torrid previous few weeks in South Korea, after media shops unearthed proof that the admins of a infamous sexual exploitation and rape video ring had been utilizing XMR to facilitate funds.
Bithumb’s delisting auditory board positioned the token on a provisional delisting record final month, stating that if the explanations for XMR being positioned on the record had not been resolved inside 30 days, it will be delisted.
That deadline has now expired, that means that Bithumb will now formally take away the token from its platform on June 1.
Bithumb has said that the Telegram Nth Room video controversy isn’t its solely cause for delisting the token, nonetheless, pointing to XMR’s shrinking buying and selling quantity figures. The token’s market capitalization is presently USD 1.1 billion, or 15th largest, per CoinPaprika knowledge, and it’s presently positioned 32nd in CoinPaprika’s 24-hour quantity rankings. Yearly costs are down virtually 29%. Furthermore, in April, Bithumb was liable for round 0.1% of the XMR buying and selling quantity.
Public strain has been mounting for Bithumb to take away XMR, after rival platform Huobi Korea eliminated the token shortly after information items strongly criticizing monero started circulating within the South Korean press.
Public anger has been sky excessive in South Korea after journalists uncovered the intercourse video ring.
Quite a lot of males have been charged with capital offenses after prosecutors accused them of circulating the graphic movies, lots of which featured the torture and rape of underage ladies. Would-be viewers of the movies allegedly paid admins in cryptocurrencies, together with monero, in change for entry to non-public Telegram chat rooms.
Crucially, nonetheless, police imagine that the Nth Room chief suspect, its alleged mastermind, paid a lot of admins in XMR in a bid to make sure mutual anonymity.
Per Newsway, Bithumb additionally confirmed that it will try to establish and probably delist different tokens that supplied person anonymity in the identical approach as XMR and different notable privateness tokens.
Different exchanges within the nation delisted XMR and different privateness tokens equivalent to Zcash (ZEC) final 12 months, with some believing they might have been responding to behind-the-scenes regulatory strain.