Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC

Anvesh Reddy
May 23, 2022
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Here's What Litecoin (LTC) Historical Data Suggest About Pre and Post-Halving Price Action

Just two days after the Litecoin’s Mimblewimble update activated on the Litecoin network, a stumbling block came in the way. In a latest, two South Korea-based crypto exchanges warned investors about a major defect.

Bithumb and Upbit, South Korea’s top two crypto exchanges by volume, made the announcements on Monday while detailing the reasons. This comes at a time when big investors were steadily eyeing Litecoin anticipating bullish sentiment after the new upgrade.

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‘Confidential Transaction Information’

Upbit alerted investors of Litecoin saying,

“Litecoin (LTC) has been designated as a watchdog. It is believed that the Mimblewimble upgrade has been carried out with a selection function that does not expose transaction information. Upbit added the item of transparency of network operation to the transaction support checklist.”

The exchange has also terminated transaction support for digital assets with technology that makes transmission records indistinguishable from the past.

Meanwhile, Bithumb also announced the new designation of investment warning with regard to Litecoin. The token was added to the list of newly designated items for investment warning items and reasons citing its policy for designation of items.

“The Mimblewimble (MWEB) expansion block upgrade includes enhancements to the scalability of the Litecoin network, but its core item includes an enhanced ‘Confidential Transaction’ option that does not expose transaction information.”

The exchanges cited South Korea’s legislation on Specific Financial Transaction Information. The law requires cryptocurrency exchanges to follow the know-your-customer (KYC) process besides anti-money laundering regulations.

Charlie Lee, Litecoin creator, said on the occasion of Mimblewimble update activation in a tweet,

“In terms of fungibility and privacy, I believe MWEB gets you 90% there. For most people that’s good enough. It’s the difference between living in a glass house vs living in a house with windows. For people who need 100% privacy, they can live in a house with no windows.”

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Potential Litecoin Delisting

In what could go on to become a massive downside for Litecoin investors, the announcement could lead to potential delisting of the coin, going forward. As of writing, Litecoin was trading at $72.92, up 1.06% in the last 24 hours, according to CoinMarketCap.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.