Impact of Binance Delisting on WAVES Price

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by Giorgi Kostiuk

2 years ago

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The value of WAVES experienced a sharp decline from $2.35 to $1.80 following the announcement by crypto exchange Binance regarding the discontinuation of support for the token. Waves, a blockchain network created by entrepreneur Sasha Ivanov, faced pressure as Binance highlighted the token's failure to meet industry standards as the primary reason for its removal. Alongside WAVES, Binance disclosed its decision to halt trading activities for OmiseGO (OMG), Wrapped NXM (WNXM), and NEM (XEM) on June 17 at 03:00 UTC. Subsequently, the price of WAVES plummeted by over 24%, settling at $1.80 as reported by CoinMarketCap. This action comes in the wake of Binance.US's previous move in February to delist WAVES for similar non-compliance issues. Moreover, Korean exchanges Upbit and Bithumb also removed WAVES due to concerns revolving around its stablecoin, Neutrino USD (USDN), losing its peg to the U.S. dollar. In a concerning revelation, Ivanov disclosed a hacking incident at Waves Labs lasting six months in mid-2023, resulting in substantial financial losses and data compromise. Allegedly linked to the Russian mafia, hackers infiltrated the company's management software, engaging in extortion attempts. These challenges compounded with a significant $530 million loss from Vires Finance, Waves' lending protocol, further added to the turmoil. Despite facing allegations of involvement in the scheme, Ivanov denies any wrongdoing.

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