In this edition of The Daily, crypto exchange Upbit is preparing to delist four tokens, while several projects have accused Kucoin of suggesting market making services to pump their volume and avoid delisting. Also, crypto payment processor Paybear has rebranded to Savvy, and British online bank Revolut is hiring hackers to test its systems.
Also read: Quadrigacx Transfer, Tokenized Bonds, Beam Investment, Rakuten Pay
Upbit Marks Tokens for Delisting
South Korean crypto exchange Upbit has added several tokens – blocktix (TIX), salus (SLS), salt (SALT) and wings (WINGS) – to a category of digital assets that can be delisted in the future. The trading platform provided the reasons for its decision in an announcement published on its website.
The company explained for example that Blocktix, a project to build an event ticket sales platform, has not launched any working products for a long time and is not developing. Similar conclusions have been drawn regarding Wings Dao, a crypto price forecast service, and Salus, a proof of stake coin whose low liquidity exposes it to manipulation.
The salt token has been added to the list due to an inspection launched by the U.S. Securities and Exchange Commission. SEC is investigating the connection between Salt Landing Holdings Inc. and Shapeshift CEO Erik Voorhees, as well as the possibility of fraud in the distribution of the tokens during the 2017 initial coin offering.
Upbit now expects to receive clarifications from the projects and if they are not satisfactory, the exchange will proceed with the delisting of their tokens.
Kucoin Accused of Blackmailing Coin Projects
Four token projects have reportedly been asked by crypto exchange Kucoin to pay up to $180,000 in fees for volume-boosting services. After their daily
