The team behind Binance advised its users “to ensure security of your funds, please do not deposit LTC through the MWEB function.”
On June 13, Binance, the world’s largest cryptocurrency exchange, released a statement indicating that it won’t longer be supporting Litecoin (LTC) transactions that are sent via the MimbleWimble Extension Blocks (MWEB) feature.
According to the report, Binance doesn't have the possibility to verify the senders' addresses. Thus, from now on, any Litecoin-related withdrawals and deposits carried out through the MWEB function will be simply lost as the funds will vanish into thin air without any possible returns.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
5 Best Crypto Portfolio Diversification Strategies (Animated Explanation)
In fact, the news comes after the five largest South Korean crypto exchanges, including Bithumb, Upbit, Coinone, Gopax, and Korbit, implied that they would delist Litecoin (LTC) from their platforms, following the previously fired-up Mimblewimble (MWEB) upgrade.
The MWEB upgrade was rolled out in the first half of 2022 in order to provide the Litecoin (LTC) network users the possibility to make their Litecoin-related operations confidential. Additionally, through a particular compression tech, MWEB is able to eliminate unnecessary transaction data from the network’s blocks.
On top of that, last week, Reuters accused Binance of laundering more than $2.5B in illegal funds. However, Binance CEO Changpeng Zhao (CZ) denied all the allegations and stated that the article “is a huge waste of time and resources.”
On the bright side, earlier this year, Binance announced the launch of a new $500M fund to aid various projects in exploring the use cases of crypto and driving the implementation of blockchain and Web3 technologies.
