The world\u2019s biggest crypto exchange by volume, Binance, published blog post<\/a> this morning saying they are not going to support the MimbleWimble Extensions Block (MWEB) feature for Litecoin (LTC) deposits and withdrawals. They cited worries about security as the main reason for this decision.<\/p>\n Binance has delisted many other coins in the past due to security reasons. For example, on March 8, 2022, Binance delisted Bitcoin Diamond (BCD), Cindicator (CND), Monetha (MTH), Nitro, Network (NCASH), and YOYOW (YOYO).<\/p>\n \u00a0<\/span>Related Reading | <\/i><\/b>Peter Schiff Warns \u2018Don\u2019t Buy The Dip\u2019 As Bitcoin Crashes On Recession Fears<\/i><\/b><\/a><\/p>\n MWEB is merely an opt-in feature that users may utilize while transacting on the main chain traditionally. Crypto wallets can include it as an opt-in feature, but they are not required to enable Litecoin transactions.<\/span><\/p>\n Binance announced on June 13 that they would not be responsible if investors deposited LTC via the MWEB feature. As a result, Binance will not be blamed for any losses investors may incur.<\/p>\n \u00a0Any LTC deposits made to Binance through the MWEB function will not be received or returned as we are unable to verify the sender\u2019s address, resulting in the direct loss of funds.<\/span><\/p>\n<\/blockquote>\n Despite the recent hacks of several high-profile crypto exchanges, cybercriminals have yet to find a successful way to steal and withdraw funds. However, Binance is worried that hackers will use the Litecoin Foundation\u2019s feature to steal money.<\/p>\n The MimbleWimble Extensions was first proposed in 2016 by a developer named Tom Elvis Jedusor. Its primary goal was to offer transaction privacy. On May 19, 2022, the Litecoin network received MimbleWimble, a privacy and scalability upgrade.<\/span><\/p>\n The development of the MimbleWimble protocol for Litecoin was entrusted to David Burkett and a Grin++ developer.<\/span><\/p>\n Litecoin holders may utilize this feature to transmit money from their wallets to any address without revealing their personal information, making transactions more anonymous.<\/span><\/p>\n In addition, It allows users to control how many LTC tokens they send or receive, as well as how many LTC tokens are in their MWEB address.<\/span><\/p>\n Binance\u2019s declaration that it will no longer support MWEB transactions comes only days after the five most prominent South Korean cryptocurrency exchanges announced delisting Litecoin on June 8, following the previously sparked MimbleWimble (MWEB) upgrade, which conceals transactions.<\/span><\/p>\n 8BTCnews on June 8, stated on <\/span>Twitter<\/span><\/a>:<\/span><\/p>\n Five major South Korean #crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax announced to delist #Litecoin (LTC).<\/span><\/p>\n<\/blockquote>\n\n
MWEB Upgrade On Litecoin<\/span><\/h2>\n
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The five Largest South Korean Crypto Exchanges Delisted LTC<\/span><\/h2>\n
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