Saad Ullah
The price of WAVES plummets 24% following Binance's announcement to delist the token due to failing to meet industry standards.
Binance Delists WAVES, Causing Major Price Drop
The crypto market was rocked today as Binance announced it would delist WAVES, causing the token’s price to plummet by 24%. The price of WAVES sharply fell from $2.35 to $1.80 shortly after the announcement, as reported by CoinMarketCap.
WAVES, a blockchain network founded by Ukrainian entrepreneur Sasha Ivanov, came under scrutiny as Binance cited the token’s failure to meet “high levels of standard and industry requirements” as the primary reason for its delisting. This move has added significant pressure to the already struggling WAVES ecosystem.
Other Tokens Also Facing Delisting
In addition to WAVES, Binance announced it would cease trading on all spot and margin pairs for OmiseGO (OMG), Wrapped NXM (WNXM), and NEM (XEM) on June 17 at 03:00 UTC. This decision has sent ripples through the crypto community, raising concerns about the stability and future of these tokens.
This recent delisting is not the first blow to WAVES. Binance.US had already removed the token in February for similar reasons. Additionally, Korean exchanges Upbit and Bithumb delisted WAVES due to issues surrounding its associated stablecoin, Neutrino USD (USDN), losing its peg to the U.S. dollar.
Internal Struggles and Security Breaches
WAVES’ troubles have been compounded by internal challenges. In mid-2023, Ivanov revealed that Waves Labs had been hacked for six months, resulting in significant financial losses and compromised internal data. Ivanov alleged that hackers linked to the Russian mafia infiltrated the company’s management software and attempted extortion.
The hack added to WAVES’ financial woes, which also included a $530 million loss from their lending protocol, Vires Finance. Ivanov has denied any involvement in the scheme, despite facing accusations. The combination of these issues has placed WAVES in a precarious position within the crypto market.
Future Prospects for WAVES
As WAVES navigates through these turbulent times, its future remains uncertain. The delisting by major exchanges like Binance and the ongoing internal and external challenges highlight the significant hurdles the project must overcome to regain market confidence and stability.
In conclusion, the delisting by Binance marks a critical juncture for WAVES, with its price and market presence severely impacted. As the WAVES community and its developers work to address these challenges, the broader crypto market will be watching closely to see how the project evolves in the coming months.
Saad Ullah
