Korean Exchanges Redflag Litecoin Mimblewimble Update

    Just two days after the Litecoin’s Mimblewimble replace activated on the Litecoin community, a stumbling block got here in the way in which. In a modern, two South Korea-based crypto exchanges warned traders a few main defect.

    Bithumb and Upbit, South Korea’s prime two crypto exchanges by quantity, made the bulletins on Monday whereas detailing the explanations. This comes at a time when big investors had been steadily eyeing Litecoin anticipating bullish sentiment after the brand new improve.

    ‘Confidential Transaction Information’

    Upbit alerted traders of Litecoin saying,

    “Litecoin (LTC) has been designated as a watchdog. It is believed that the Mimblewimble upgrade has been carried out with a selection function that does not expose transaction information. Upbit added the item of transparency of network operation to the transaction support checklist.”

    The trade has additionally terminated transaction help for digital property with expertise that makes transmission data indistinguishable from the previous.

    Meanwhile, Bithumb additionally introduced the brand new designation of funding warning with regard to Litecoin. The token was added to the record of newly designated objects for funding warning objects and causes citing its coverage for designation of things.

    “The Mimblewimble (MWEB) expansion block upgrade includes enhancements to the scalability of the Litecoin network, but its core item includes an enhanced ‘Confidential Transaction’ option that does not expose transaction information.”

    The exchanges cited South Korea’s laws on Specific Financial Transaction Information. The legislation requires cryptocurrency exchanges to observe the know-your-customer (KYC) course of moreover anti-money laundering rules.

    Charlie Lee, Litecoin creator, mentioned on the event of Mimblewimble replace activation in a tweet,

    “In terms of fungibility and privacy, I believe MWEB gets you 90% there. For most people that’s good enough. It’s the difference between living in a glass house vs living in a house with windows. For people who need 100% privacy, they can live in a house with no windows.”

    Potential Litecoin Delisting

    In what may go on to turn out to be a large draw back for Litecoin investors, the announcement may potential delisting of the coin going ahead. As of writing, Litecoin is buying and selling at $72.92, up 1.06% within the final 24 hours, in response to CoinMarketCap.

    Anvesh is eager on writing about main bulletins round crypto adoption by establishments and in style personalities. Having been related to the cryptocurrency trade since 2016, his curiosity on this area helped pivot his journalism profession to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and attain out to him at anvesh (at)

    The introduced content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.

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