Bithumb, a South Korean cryptocurrency exchange, announced it will cease support for Radiant Capital's RDNT token due to unresolved security issues.
Bithumb's Decision to Delist RDNT
South Korea's cryptocurrency exchange Bithumb has announced it will terminate trading support for the RDNT token issued by Radiant Capital following a directive from the Digital Asset Exchange Association (DAXA). DAXA is an influential consortium, including major Korean exchanges like Upbit and Coinone. The decision stems from Radiant Capital's failure to address a recent $50 million security breach. Bithumb noted that the step aims to protect investors and adhere to industry standards.
Response to Security Breaches
Radiant Capital was unable to provide satisfactory explanations and documents related to the incident, leading Bithumb to end RDNT trading on December 12. Withdrawal services will be available until January 10, after which users may face challenges withdrawing funds due to potential lack of technical support such as mainnet upgrades or airdrops.
Impact on South Korea's Crypto Market
This incident is part of a larger trend in South Korea where regulatory pressure has led to the suspension or closure of multiple exchanges in 2024. Over a dozen exchanges have paused or terminated services, leaving approximately 34,000 users with unclaimed assets totaling 17.8 billion won. In response, South Korea's Financial Services Commission has approved a non-profit entity to safeguard user assets.
Bithumb's decision to delist RDNT highlights the growing emphasis on user protection and regulatory compliance in South Korea.
