Just two days after Litecoin’s Mimblewimble update was activated on the Litecoin network, they had a major hurdle. Two South Korean-based crypto exchanges warn investors of a big mistake and say they can delist the altcoin project.
Litecoin’s future on centralized exchanges was disrupted by Mimblewimble
South Korea’s two largest crypto exchanges by volume, Bithumb and Upbit, made important statements about Litecoin during the day. The announcements come at a time when major investors are constantly waiting for Litecoin to feel bullish after the new update. Upbit warned Litecoin investors with the following words:
Litecoin (LTC) has been tracked. He suspects that the Mimblewimble upgrade was performed with a select function that does not reveal transaction information.
Simply put, MWED opens the possibility of sending “secret” transactions on a chain that hides the amount sent. Essentially, it makes it impossible and tax-free to track an amount sent by authorities in countries like South Korea. The developers also add that the updates increase the throughput and transaction processing speed of the network.
Altcoin may be delisted, investors beware
This announcement, which could become a major negative for Litecoin investors, could potentially lead to the delisting of the coin going forward. According to the statements of Upbit, which we quoted as Kriptokoin.com, the stock market is always trying to prevent money laundering, so if they see that they will deposit money in the stock market through Mimblewimble, they will have no choice but to remove Litecoin from the list.
The exchange also added that deposits made through the new technology will result in a permanent loss of funds as the exchange cannot be used to verify the amount traded or the sender. While Litecoin’s place on major CEXs is controversial, decentralized exchanges (DEX) welcome new functionality that makes Litecoin transactions more secure and decentralized.
Litecoin founder emphasizes transparency
Litecoin founder Charlie Lee said in a tweet on the occasion of Mimblewimble update activation:
In terms of modifiability and privacy, MWEB will get you there 90% of the time. I believe it delivered. For most people, this is good enough. That’s the difference between living in a glass house and living in a house with windows. People who need 100% privacy can live in a windowless house.
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