WAVES plunges 24% after Binance delisting announcement

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As a crypto investor with some experience under my belt, I’ve learned that news like this can be quite disheartening. The sudden delisting of WAVES from Binance, one of the largest and most influential crypto exchanges, has caused a significant drop in its price, leaving me with a sinking feeling in the pit of my stomach.

The value of Waves plummeted from $2.35 to $1.8 following Binance‘s announcement in a blog post that they would cease supporting the token.

As a researcher studying the blockchain sector, I’ve come across the case of Waves, a network founded by Ukrainian entrepreneur Sasha Ivanov. Recently, Binance announced their decision to delist the token due to its inability to meet “stringent industry benchmarks” according to their statement.

Binance has announced in a blog post that they will be halting trading for OmiseGO (OMG), Wrapped NXM (WNXM), and NEM (XEM) spot and margin pairs effective June 17 at 03:00 UTC. As a result, the price of WAVES has significantly dropped by approximately 24%, now trading at $1.80 on CoinMarketCap.

Following Binance.US’s precedent set in February, WAVES was delisted from our platform for the same reasons. This decision comes after the token was also removed from Upbit and Bithumb exchanges due to concerns about Neutrino USD (USDN) no longer maintaining its parity with the US dollar.

Back in mid-2023, I unveiled in an interview that Waves Labs, the organization responsible for managing the Waves blockchain, had experienced a six-month-long cyberattack. This covert intrusion resulted in substantial financial losses and exposed sensitive internal information. According to my disclosure, the assailants, who were suspected of being linked to the Russian mafia, successfully breached our management software with extortion as their ultimate objective.

The hack on Waves further compounded their issues, as they already faced a setback of $530 million due to their lending protocol, Vires Finance. Ivanov refutes allegations linking him to the scam.

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2024-06-03 10:26