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WAVES drops 24% after Binance delisting announcement
The price of WAVES dropped sharply from $2.35 to $1.8 after cryptocurrency exchange Binance said in a blog post that it will no longer support the token.
Wavesa blockchain network founded by Ukrainian-born entrepreneur Sasha Ivanov, is under pressure Binance cited the token’s inability to meet “high levels of industry standards and requirements” as the reason for its removal from the list.
In addition to WAVES, Binance states in a announcement on the blog will also cease trading on all spot and margin pairs for OmiseGO (OMG), Wrapped NXM (WNXM), and NEM (XEM) on June 17 at 03:00 UTC. Following the news, the price of WAVES plummeted more than 24% and is now trading at $1.80, according to CoinMarketCap.
This cancellation follows Binance.US’ previous decision in February to to remove WAVES for similar reasons. The token was too deleted from the Korean exchanges Upbit and Bithumb due concerns on its associated stablecoin, Neutrino USD (USDN), which loses its peg to the US dollar.
In mid-2023, Ivanov revealed in a interview that Waves Labs, the company behind the Waves blockchain, was hacked for six months, causing significant financial damage and compromising internal data. Ivanov said hackers, allegedly linked to the Russian mafia, infiltrated the company’s management software and attempted extortion.
This hack added to Waves’ problems, which also include a $530 million loss from their lending protocol, Vires Finance. Ivanov denies accusations of involvement in the scheme.