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.
‘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.
Mëttlerweil, 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.
"De Mimblewimble (MWEB) Expansiounsblock Upgrade enthält Verbesserunge fir d'Skalierbarkeet vum Litecoin Netz, awer säi Kärartikel enthält eng verstäerkte 'Vertraulech Transaktioun' Optioun déi keng Transaktiounsinformatioun aussetzt."
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 Jeffrey,
“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.”
Potential Litecoin Delisting
In what could go on to become a massive downside for Litecoin Investisseuren, 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.
Dee presentéierten Inhalt kann d'perséinlech Meenung vum Autor enthalen an ass ënner Zoustand vum Maart. Maacht Är Maartfuerschung ier Dir a Kryptowärungen investéiert. Den Autor oder d'Publikatioun huet keng Verantwortung fir Äre perséinleche finanzielle Verloscht.
Source: https://coingape.com/korean-exchanges-redflag-litecoin-mimblewimble-update/