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One of South Korea’s largest crypto exchanges, Bithumb, has issued an investment warning for two altcoins, ORB (Orbit City) and TEMCO, in collaboration with the Digital Asset Exchange Association (DAXA). This action aims to alert investors to potential risks associated with these projects, sparking significant interest within the crypto community.
DAXA Flags ORB and TEMCO
DAXA, a South Korean consortium dedicated to improving standards and investor protection in the crypto market, coordinates among exchanges to ensure transparency and reliability. Through its member exchanges, DAXA can flag assets for potential risks and, if necessary, delist them. The recent warnings for ORB and TEMCO reflect DAXA’s commitment to safeguarding investors.
According to Bithumb, ORB was flagged due to a lack of adequate communication from the token’s issuer. Incomplete disclosures around critical information that could impact ORB’s value have created concerns. Additionally, the absence of a community platform for ORB holders to engage with has raised further questions about the token’s long-term viability.
Information Gaps Prompt Warning for TEMCO
TEMCO, another token flagged by DAXA, has similarly faced scrutiny over insufficient transparency. Bithumb noted that TEMCO’s issuer has not provided essential information to investors, raising doubts about the project’s reliability and sustainability. Sudden changes in the project without adequate explanation have weakened investor confidence, leaving many with limited information about TEMCO’s future.
Under DAXA and Bithumb’s new guidelines, ORB and TEMCO have been marked with an investment warning as of November 6, 2024, halting deposits for these tokens. The Bit Journal reports that a final decision regarding whether ORB and TEMCO will face full delisting is expected between November 18 and 22.
So far, the warnings have not significantly impacted the market prices of ORB and TEMCO. However, investors are advised to proceed with caution and remain informed on these developments as the market often reacts quickly to such regulatory updates.
- https://twitter.com/Thebitjournal_
- https://www.linkedin.com/company/the-bit-journal/
- https://t.me/thebitjournal
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