TROY price nosedived 40% after Binance suspended deposits for its BEP20 token due to security concerns. The exchange cited issues with verifying the token’s collateral on the Smart Chain, leading to the suspension and a halt in network support. While Ethereum-based services remain unaffected, the lack of clarity from the TROY project team has fueled market uncertainty, leaving investors anxious about the token’s future stability.
TROY Price Crashes After Binance Suspends BSC Deposits
On January 3, Binance announced suspension of TROY-BEP20 deposits on the Smart Chain (BSC), citing a potential security issue. The exchange stated that the decision was made to protect users, as concerns emerged about the token contract’s collateral verification. The suspension, effective January 2, has significantly impacted market sentiment, causing a sharp 40% drop in TROY price.
In its announcement, top exchange clarified that it would 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 tied to the minted tokens.
However, the top crypto exchange also noted that the project team has not provided sufficient clarification, leaving the situation unresolved. While the exchange mentioned that deposits could reopen if the token is deemed safe, no specific timeline has been offered, and further announcements are unlikely.
The suspension only affects the Binance Smart Chain, as Ethereum-based deposits and withdrawals for TROY remain functional. Despite this, the incident has raised concerns about TROY’s overall stability. Investors and market participants have criticized the lack of transparency from the TROY project team, which has further eroded confidence in the token’s reliability and long-term prospects.
How’s The Crypto Performing?
TROY price was currently trading at $0.0047, marking a steep 42% decline in the last 24 hours. The token’s 24-hour low and high were recorded at $0.00357 and $0.00813, respectively. The market cap is $41 million, and the trading volume is $522 million. The price crash shows increased selling pressure and reflects growing investor panic.
Troy Trade, the platform behind the TROY token, offers a complete solution for crypto trading and asset management. It provides services like spot trading, margin trading, and liquidity aggregation. The platform simplifies trading for both institutional and individual users. However, the ongoing security concerns and suspension of BSC deposits have cast a shadow on its reputation.
Binance has a track record of influencing market dynamics with its decisions. The delisting of WazirX (WRX) caused a 50% price crash. This highlights the significant impact of the leading crypto exchange’s actions on the broader market.
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