Coinone to end trading for 12 tokens including XPASS and Galaxia on Nov. 16
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Coinone will end trading for 12 tokens on Nov. 16 at 3 p.m. KST; withdrawals run until Dec. 16.
XPASS fell 93% and Galaxia 83% after the notice.
Nine tokens including Mayflower were newly designated as caution assets, with deposits halted from Oct. 16 at 4 p.m. KST
South Korean crypto exchange Coinone will end trading support for 12 tokens in its Korean won market, including Streamr (DATA2), XPASS (XPASS) and Galaxia (GXA), on Nov. 16 at 3 p.m. KST. In a notice on Oct. 16, Coinone said each token's combined market capitalization or trading volume across domestic and overseas exchanges fell below its delisting thresholds, and that it found no evidence the reasons for their investment caution designation had been resolved. The same day, it added nine tokens, including Mayflower (MAY), to its investment caution list for the same reason.
Trading in 12 tokens ends Nov. 16
The tokens to be delisted are Streamr (DATA2), Nestree (EGG), StaFi (FIS), Hifi Finance (HIFI), MON Protocol (MONPRO), fanC (FANC), DeLabs Games (DELABS), Saros (SAROS), XPASS (XPASS), Agent LISA (LISA), Sperax (SPA) and Galaxia (GXA). Trading ends on Nov. 16 at 3 p.m. KST, and any unfilled orders will be canceled in bulk at that time. Withdrawals will remain available until Dec. 16 at 3 p.m. KST.
Coinone said that after trading ends, technical support such as mainnet or contract changes, airdrops and token swaps may stop, which could cause the tokens to lose much or all of their value. It also said the schedule could be brought forward if laws, regulators or other special circumstances require it.
What holders need to do
To move tokens out of a Coinone wallet, holders must generate a deposit address for each token before trading ends. Because the tokens cannot be valued in won, the Travel Rule, which requires sender and recipient details to accompany crypto transfers, applies to every withdrawal regardless of amount, so users must enter recipient information or register and get approval for a personal wallet address in advance. Withdrawals can still be requested through customer support after the withdrawal period ends, but a fee may apply.
XPASS down 93%, Galaxia down 83% after the notice
Prices collapsed after the notice. Based on Coinone daily candles, XPASS fell 93% from 4.707 won at 9 a.m. KST on Oct. 16 to 0.339 won at 7:30 a.m. on Oct. 19. Over the same period, Galaxia dropped 83% from 2.015 won to 0.3399 won, and fanC fell 69% from 1.999 won to 0.615 won. Nestree also fell 69% (0.5 won to 0.1565 won), while DeLabs Games (0.7746 won to 0.3853 won) and MON Protocol (2 won to 1.002 won) lost about half their value. Galaxia drew the most trading, with about 98.63 million won traded on Oct. 16 (UTC), the highest among the 12. XPASS traded about 17.48 million won and Hifi Finance about 13.52 million won that day. StaFi, Sperax and MON Protocol recorded no trades from 9 a.m. KST on Oct. 18 through the morning of Oct. 19.
Coinone warned that prices could swing sharply as the end of trading approaches. None of the 12 tokens trade on Upbit. Nestree and fanC are listed in Bithumb's Korean won market, and according to Korean outlet Dealsite, Bithumb also decided on Oct. 16 to end trading support for both.
Mayflower and eight others face a three-month review
The nine newly designated tokens are Mayflower (MAY), Scallop (SCA), sudeng (HIPPO), ArchLoot (AL), GemHUB (GHUB), Ultra (UOS), DODO (DODO), NAVI Protocol (NAVX) and Parcl (PRCL). They were flagged for the same reason as the 12: market cap and trading volume below Coinone's thresholds. Coinone will keep the designation for about three months and then decide, token by token, whether to extend it, lift it or end trading support. To have the designation lifted, a token's market cap and trading volume over the previous two quarters must exceed Coinone's liquidity thresholds.
Coinone suspended deposits for the nine tokens from Oct. 16 at 4 p.m. KST, while trading continues. Tokens deposited after the suspension may not be credited; in that case users can request a return, which will be processed in order. Of the nine, Mayflower, ArchLoot and Ultra also trade in Bithumb's Korean won market.
Zilliqa to be delisted over security incident, MANTRA review extended
Coinone separately announced on Oct. 16 that it would end trading support for Zilliqa (ZIL). The trading and withdrawal deadlines are the same as for the 12 tokens, but the reason was a security incident such as a hack rather than market cap. Coinone said it found no evidence that the cause of Zilliqa's incident had been resolved.
Coinone also extended the investment caution designation for MANTRA (MANTRA), which had been flagged over a security incident, to the second week of November (Nov. 9-13). The exchange said it needed more time to examine the facts and the explanatory materials submitted by the project's foundation. Deposits of MANTRA remain suspended, while withdrawals and trading are still available. When the extension ends, Coinone will decide whether to lift the designation, extend it again or end trading support.
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