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Binance delists Bytecoin, price drops 40% in four hours; Official statement: "Zhao Changpeng, give me back my money!"

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Binance delists Bytecoin, price drops 40% in four hours; Official statement: "Zhao Changpeng, give me back my money!"

Binance Exchange announced on the 15th that it will delist four trading pairs, including Mithril (MITH) founded by Ian Huang, the big brother of Mahjong, and Wilson Huang, the founder of Steaker. Following the news, the price of Mithril plummeted by about 40% within four hours, dropping from $0.0123 to $0.0076.

Binance is expected to delist Mithril and three other cryptocurrencies on December 22, including TRIBE, REP, and BTCST. In addition to the sharp decline in Mithril, BTCST also plummeted by 43% today, while TRIBE and REP fell by less than 5%, possibly because they are still tradable on other exchanges with no immediate liquidity issues.

Mithril Official: Zhao Changpeng Return My Money

Mithril officials tweeted earlier, hoping to return the "deposit" of 200,000 BNB, which is currently valued at about $52 million.

Mithril Official: Today Binance announced the delisting of MITH. When MITH was originally listed, Binance requested a deposit of 200,000 BNB, which has never been returned. On behalf of the Mithril community, we demand CZ to return this deposit so that Mithril can continue to operate.

Mithril stated that Mithril Coin was the first token to be listed on the BNB network in 2018 and made a donation to the Binance Charity Foundation, indicating a partnership. Now that Binance has unilaterally terminated the partnership, Mithril hopes Binance will return this money.

However, netizens immediately dug up the announcement from that time, indicating that Mithril's 200,000 BNB was a donation, not a deposit.

Announcement: The Mithril team will donate 20,000 BNB to the Binance Charity Foundation to thank them for the listing.

However, the quantity mentioned in the announcement was not 200,000 but 20,000. Therefore, these may be two separate incidents, and only the parties involved know the truth.

Zhao Changpeng's Response: Act According to the Contract

CZ responded on the 16th tweet:

"After seeing your post, I reviewed the contract. Here are the contract terms for you and the community." CZ stated that we usually abide by confidentiality agreements unless you break them first. The so-called "insurance reserve" is to encourage developers to continue building. Your token price has dropped below the trigger price of 0.13 and has been delisted, with no updates or tweets on Twitter in nearly two years. I trust our team's decision.

From the terms provided by CZ, a price of 0.13 was set with 50% as the trigger price, lasting for 15 days, and an "insurance reserve" would be charged as an additional fee. The result shows that the price has been below this threshold for a long time.

Founding Team: No Public Statements from "Big Brother Ma Ji" and Steaker Founder Wilson Huang

According to the Mithril whitepaper displayed, Huang Licheng, titled "Founder," and Wilson Huang, founder of Steaker, described as a "cryptocurrency researcher," have not made any public statements regarding this incident as of the deadline.