Tuesday, May 30, 2023

Judgment Day for Altcoins


On the Hong Kong crypto exchange, OKEx is an event that in many media has already been dubbed as “the day of judgment for the Altcoins.” What’s going on?

The thing is that the management of the crypto exchange has announced the removal from the lists, as well as the freezing of some pairs on its trading platform. In total, about two dozen Altcoins fell under the punishing hand. Many associate this with fairly frequent problems within the crypto exchange platform itself, as well as the habit of developers to carry out chaotic changes, as a result of which they face new difficulties.

“Altcoinopocalypsis” touched 28 pairs

“In order to support a healthy trading ecosystem, as well as provide our customers with the most convenient conditions for trading on our platform, OKEx,” the company’s official blog says, “our audit team conducted a very serious study of the current market and presented on it. In this regard, guided by the norms set out in our code of rules on freezing / removing projects from the platform, we made some changes on our crypto exchange. ”

OKEx carefully selected pairs of tokens to be deleted, then posting an official message in which users of crypto exchange were urged to “cancel existing orders before the listed pairs are deleted, otherwise they will be canceled automatically, and all funds will be returned to the main wallet”.

Among the pairs to be removed from the exchange were: pairs LA and READ against USDT; SNM vs. ETH, UTK, WRC, QVT, SAN, UBTC, DNT; OAX vs. BTC, UBTC, BCX, BT2, WBTC, UKG, LA, SAN, ATL, REQ, BRD, SNM, VEE, TIO, REF, UTK, WRC, QVT, DNT.

The year of innovations on the crypto exchange has just begun

The Hong Kong crypto exchange was founded in 2014, and was focused, first of all, on global trading on cryptomarket. The crypto exchange itself declared about granting to its users of the greatest possible number of futures and trading pairs. Also, in the light of recent events, the company has become one of the most controversial in the industry. Having established themselves as one of the largest exchanges in terms of capitalization and daily trading volumes, the exchange seems to have provided false information, since at least one study has shown that most of the said amount is fabricated, or “fake”. However, the exchange, apparently, hardly worries about it, because it has expanded to Malta, and also created its own version of ETF. And, more recently, the company was again called rather controversial, in view of its strange policy, which, in case of fraudulent projects, punishes and innocent users, who impose a 17% tax.

In addition to removing trading pairs, the exchange will also hide some tokens, which means that “hidden tokens will not be displayed on our platform, although they can still be found for trading by entering their ticker in the search field.” Among such tokens were: UBTC, EVX, WFEE, RCT, MDA, CTR, CAG, BT2, BRD, UKG, LA, QVT, WBTC, ATL, AVT, SNGLS, REF, ICN, UTK, MTL, SUB, OAX, STC MAG, RCN, DNT, SAN, YOYO, REQ, BCX, MTH, RDN, DAT, ZCO, VEE, NGC, MOT, GSC, TIO, AST, FUN, READ, VIU, LEND, WRC, SNM.

Finally, OKEx reported: “In order to protect the interests of our users and the entire industry as a whole, from now on we will closely monitor all the projects placed, as well as apply the removal/freeze mechanism for projects that do not comply with our standards and norms.”

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