Mith Gets Delisted From Binance, Demands $52 Million in BNB Back

On Thursday, Binance announced plans to delist four projects on December 22 at 9:00 UTC. The move comes as part of a regular review of coins and tokens listed on the exchange.

Projects that are not perceived to meet a set of nine pre-determined criteria are removed from trading. These criteria include “trading volume and liquidity” and “level of public communication.” In the lead-up to Christmas, Binance Will Delist Mithril (MITH), Tribe (TRIBE), Augur (REP), and Bitcoin Standard Hashrate Token (BTCST). Binance did not provide an explicit reason for why these tokens were delisted.

A listing on the world’s biggest crypto exchange is a valuable asset to any project. Predictably, a delisting can provoke a backlash from culled projects. MITH has subsequently asked for its 200K BNB deposit back so it can “continue to operate,”

In today’s terms, the amount equates to a whopping $52.8 million.

MITH Has Been Inactive For Some Time

Via their official Twitter, the project cited a “long history of working with Binance since 2018 as the first token to list on BNB Beacon Chain (BEP2) network, donated to Binance Charity, and collaborated on other Binance initiatives.”

3/ Given that Binance has unilaterally decided to end this partnership, we respectfully ask to have our 200,000 BNB deposit returned.
— MITH (@mithdotio) December 15, 2022

Twitter user ZachXBT pointed to MITH’s problematic tokenomics as a potential reason for the token’s delisting. At the time of writing, their website Mith.io is not active. Before today, their latest post before today was in January 2022. Since the news broke, MITH’s price has crashed, and observers have chimed in with a lack of surprise.

BeInCrypto has approached the Mithril team for comment.

It’s not failure when the tokenomics are so bad it’s essentially a scam. 30% of the token supply went to the private sale for MITH. These fully vested within 4 months.
This represented 89% of the circulating supply then.
Come on… pic.twitter.com/mSGFdSGTaK
— ZachXBT (@zachxbt) June 22, 2022

This is not expected to be the last culling of inactive tokens. Since this year’s bear market has taken hold, the wider ecosystem is looking harder than ever for projects that provide value. Last month, Binance delisted three Serum (SRM) trading pairs as a result of FTX’s collapse. Since its founding, FTX has championed Serum, a Solana-based decentralized exchange protocol. Weekly airdrops of SRM tokens were offered to traders by the defunct exchange.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

Source: https://beincrypto.com/binance-delists-mith-as-project-demands-200k-bnb-deposit-back/