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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Will Litecoin’s MimbleWimble Upgrade Become Its Doom?

Reynaldo Marquez
Reynaldo Marquez
3 years ago
3 mins read
Litecoin LTC LTCUSD

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Five major South Korean exchanges announced their intentions to delist Litecoin (LTC). The cryptocurrency recently implemented an update to improve its privacy and scalability features.

Related Reading | Litecoin Reveals Rollout Date For MimbleWimble, Will LTC See Relief?

As a result, Upbit, Bithumb, Korbit, Gopax, and Coinone will stop offering to their customers. The update has made Litecoin incompatible with South Korean regulations.

In the official delisting announcement posted by Upbit, the platform claims the following trading pairs will be unavailable as soon as today, June 8th: LTC/KRW, LTC/BTC, and LTC/USDT. The core reason behind this decision, the exchange said, is:

(…) it is believed that the upgrade has been carried out with a selection function that does not expose transaction information.

The decision is guided, the post continued, by South Korea’s Specific Financial Information Act. This regulation demands exchange platforms to check a blockchain’s transaction for “transparency”.

In that way, Upbit and other South Korean exchanges can verify that the user or the transaction doesn’t violate the country’s anti-money laundering regulations. The rule is also aimed at preventing bad actors to obtain funds via illegal activities.

The South Korean exchanges claim the MimbleWimble update will provide the Litecoin network with these capabilities:

(LTC) has room to see the addition of technology that makes these transfer records unidentifiable, so we decided to designate it as a significant issue. So far, there have been no deposits made using the Mimblewimble function with Upbit, and we do not plan to reflect deposits in the future.

The MimbleWimble and Litecoin’s new privacy features seem to affect South Korean exchanges. However, privacy coins have been outcasted from major trading platforms over the past two years.

Monero (XMR), Zcash (ZEC), and others suffered from a similar decision taken by many exchanges across the world. The MimbleWimble could unleash this possibility for LTC.

Litecoin Unaffected By South Korean Exchanges’ Decision

At the time of writing, LTC’s price seems unaffected by recent developments. The cryptocurrency continues to move sideways and trades at $62.

Litecoin LTC LTCUSD
LTC moving sideways on the 4-hour chart. Source: LTCUSD Tradingview

Larger cryptocurrencies, such as Bitcoin and Ethereum, continue on the same path as they remain rangebound and unable to break above local resistance. Only Cardano (ADA), due to a surge in network activity, and Chainlink (LINK), due to its roadmap on staking, seem to be decoupling from the overall market.

Research firm Santiment noted:

Crypto prices chopped wildly in the opening week of June, but the result has been mainly no movement for Bitcoin and Ethereum. Altcoins, on the other hand, have shown major decouplings from one another, with ADA, LINK and HNT performing well.

Related Reading | Litecoin Drops 87% Trading Volume In Q1 2022

Additional data from material indicators, for low timeframes, records an increase in buying orders from retail investors. Larger investors seem to be selling into the current price action, but it is too early to tell if this trend will sustain for the coming days.

Litecoin LTC LTCUSD MI1
Retail (in yellow on the chart) buys as other investors sell (red, purple, and green on the chart). Source: Material Indicators
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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