Today, June 8, it was reported that major South Korean cryptocurrency exchanges such as Upbit and Bithumb have decided to stop supporting Litecoin (LTC) due to the MimbleWimble Extension Block (MWEB) update being enabled on the main Litecoin network. Because the update in question meant extensive scaling and increased privacy capabilities for the altcoin. Meanwhile, Solana made an important move in South Korea. Here are the details…
The decision to delist the popular altcoin Litecoin from exchanges
Based on Upbit’s statement, the decision to delist Litecoin (LTC), South Korea’s It was driven by the Private Financial Information Act, which required exchanges to be able to control transactions for transparency to prevent illegal money laundering or blackmail financing. MimbleWimble has been implemented only to increase privacy on Litecoin (LTC) network, as we have also reported on Cryptokoin.com . Various technologies use the update, including confidential transactions and CoinJoin, which hides sender and receiver inputs and outputs and combines multiple transactions into a single transaction.
Upbit also stated that the exchange has submitted a request to the Litecoin Foundation regarding the MWEB update, and a comprehensive review of anonymous transfer technology has been conducted based on the response to the request. As a result of the review, it was determined that the anonymity feature included in an update was consistent with the anonymous transmission technology prohibited by the Financial Information Act, and it was decided to discontinue support for Litecoin (LTC) trading. At the time of writing, Litecoin (LTC) is changing hands at $62.23, up 0.9 percent. One of the oldest cryptocurrencies, LTC has a market cap of around $4.38 million. This makes the coin one of the top 20 cryptocurrencies by market capitalization.
Solana invests in web3 projects
Solana Ventures and Solana Foundation are focusing on the South Korean market with the launch of a $100 million fund. The newly created fund will focus mainly on supporting projects from South Korea, while also investing in Terra-based applications impacted by the project’s collapse. Some Terra developers have reportedly opted to switch to Solana. Johnny Lee, general manager of Solana Labs games, awaits the launch of some exciting projects on the network. Time will tell if
Solana will win over those who continue to reject Blockchain and NFT in the gaming industry. While Solana was promoted by Wall Street as the next big thing in crypto in 2021, Blockchain has failed to live up to high expectations so far. In early June, the network recorded its fifth outage in 2022. Block production was halted for several hours due to a runtime bug fixed earlier this week. The “Ethereum killer”, which can process up to 65,000 transactions per second, has suffered seven outages over the past year.
