Binance temporarily suspended deposits for the TROY-BEP20 token on the Binance Smart Chain (BSC) network on Jan. 3 due to security concerns. The decision led to a massive 40% drop in the TROY token price and increased investor demands for transparency and clarity. Ethereum-based transactions, however, were not affected.
The exchange stated that it tried to solve the problem by cooperating with the TROY project, but did not receive sufficient explanation from the project. Binance stated that the problem must be solved before deposits can be reopened, but no clear timeline was shared. The TROY token is currently trading at $0.0047 and has lost 24% of its value in the last 24 hours. The price fluctuations during the day were between $0.00357 and $0.00813. The market value was recorded as $41 million and the trading volume was $522 million.
The Troy Trade platform offers spot and margin trading as well as liquidity services. However, current security issues raise questions about the platform’s reliability. Similar decisions by major crypto exchanges like Binance can cause major market volatility. Following this situation, TROY investors are looking for more transparency and clarity from the project.
These developments once again reveal the strong influence of major crypto exchanges on the market. Similar situations have previously led to major movements in the prices of the relevant tokens. TROY investors are demanding that the uncertainty regarding the future of the project be eliminated and that the team take concrete steps for solutions. In addition, the lack of transparent communication and the failure to share a solution plan deepens the loss of confidence in the market and increases the concerns of long-term investors.
