July 14, 2024

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Binance Removes MITH and Project Claims to Return 200,000 BNB by BeInCrypto

Binance Removes MITH and Project Claims to Return 200,000 BNB by BeInCrypto

© Reuters. Binance removes MITH and the project requires a return of 200k BNB

BeInCrypto – On Thursday, Binance announced plans to delist four projects on December 22 at 9:00 UTC. The move comes as part of a regular review of the exchange’s listed coins and tokens.

Projects that are not viewed as meeting a set of nine predetermined criteria are removed from negotiation. These criteria include “trading volume and liquidity” and “general level of communication”.

In the run-up to Christmas, Binance will be delisted Mithril (MITH), Tribe (TRIBE), Augur (REP), and Standard Hashrate Token (TYO:) (BTCST). Binance did not provide a clear reason for delisting these tokens.

Listing on the world’s largest cryptocurrency exchange is a valuable asset for any project. as expected, Delisting could cause a backlash of the selected projects. Afterwards, MITH demanded the return of its 200,000 BNB deposit in order to “continue to operate.”

According to today’s terms, the amount is equivalent to $52.8 million.

MITH has been inactive for some time

Via its official Twitter (NYSE: Twitter), the project noted, “Long history of working with Binance since 2018 As the first token to appear on the BNB Beacon Chain (BEP2) network, it was donated to the Binance Charity, and contributed to other Binance initiatives.”

Twitter user ZachXBT He pointed to problematic MITH tokens as a possible cause to remove the icon. At the time of writing, their website Mith.io is down. Before today, his last post before today was in January 2022.

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Since the news broke, the price of MITH and weight watchers has plummeted without surprise. BeInCrypto has reached out to the Mithril team for comment.

This is not expected to be the final sacrifice of inactive tokens. As this year’s bear market has taken hold, the broader ecosystem is looking more than ever for projects that provide value.

Last month, Three Serum (SRM) trading pairs have been removed from Binance As a result of the collapse of FTX. Since its founding, FTX has championed Serum, a decentralized exchange protocol based on . The defunct exchange offered weekly airdrops of SRM tokens to traders.

After Binance MITH was removed and requests for the project to return 200 thousand BNB were first seen on BeInCrypto.

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