Binance Announces Suspension: This Altcoin Price Crashed!
#Binance suspended BSC deposits due to security concerns. The price of that altcoin saw a sharp decline after this. However, Binanceās decisions, such as delisting WRX, have a significant impact on market dynamics.
Citing a possible security issue, Binance announced that TROY-BEP20 deposits on Smart Chain (BSC) have been suspended. The exchange stated that the decision was made to protect users as concerns arose regarding the collateral verification of the token contract. The suspension significantly affected market sentiment, effective from January 2. In the process, it caused a sharp drop in the altcoin price of over 40%.
The major exchange announced in its announcement that it will no longer support the token on the
#BSC network until the issue is resolved. The exchange is actively working with the TROY project team to verify the collateral attached to the minted tokens. However, Binance also noted that the project team did not provide sufficient explanation and left the situation unresolved. The exchange also noted that deposits could be reopened if the token is deemed safe. However, it did not provide a specific timeline.
Ethereum-based deposits and withdrawals for
$TROY remain functional. Therefore, the suspension only affects BSC. Despite this, the incident has raised concerns about TROYās overall stability. Investors and market participants have criticized the
#TROY project teamās lack of transparency, further eroding confidence in the tokenās reliability and long-term prospects.
TROY was trading at $0.004533 at the time of writing. This marked a sharp 25% drop in the past 42 hours. The tokenās daily low and high were $0.00357 and $0.00813, respectively. Its market cap is $41 million and its trading volume is $522 million. The altcoinās price decline indicates increasing selling pressure and reflects increasing investor panic.