Coinbit Suddenly Postpones Coin Delisting Schedule 3 Hours Before... Some Coins Surge

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kang Nahum] Coinbit, an exchange that announced the delisting of 8 types of cryptocurrencies, suddenly announced a postponement of the delisting schedule. The prices of the affected cryptocurrencies surged up to 20 times just over 3 hours before the scheduled delisting time.

According to the cryptocurrency industry on the 24th, Coinbit posted a notice on its homepage at 4:32 PM the previous day, stating, "The schedule for ending trading support for 8 virtual assets (cryptocurrencies) has been extended until further notice."

Regarding the 28 cryptocurrencies designated as watchlist items, it also stated, "The review period for trading support will be extended to conduct a more fair and thorough examination."

The cryptocurrencies that Coinbit had announced to end trading for were Rex (LEX), IO (IO), Pantheon (PTO), UPT (UPT), Dex (DEX), Proto (PROTO), Dexter [206560] (DXR), and Next (NET), with trading support originally scheduled to end at 8 PM on the 23rd.

When the change was announced just over 3 hours before the scheduled delisting time, the prices of these cryptocurrencies surged. In particular, as of 9 AM that day, UPT (1958.82%) and Rex (1896.68%) prices rose to 20 times that of the previous day.

Coinbit did not provide a clear explanation in the notice as to why the delisting review period was extended.

Following continued inquiries from investors regarding the change in the delisting schedule, Coinbit posted another notice that afternoon. Coinbit stated, "To minimize investor damage, work is underway for listing on overseas exchanges, and we are currently negotiating with coin companies on various compensation plans for Coinbit investors."