South Korea’s Digital Asset Exchange Association (DAXA) to halt trading support for Radiant Capital (RDNT) over security concerns. This decision follows the project’s failure to provide necessary explanations regarding a recent security breach. DAXA aims to protect investors by suspending further transactions until the issues are resolved.
DAXA is composed of South Korea’s five major crypto exchanges namely Upbit, Bithumb, Coinone, Korbit and Gopax.
South Korea’s DAXA Halts Trading Support for Radiant Capital
The second-largest South Korean crypto exchange Bithumb announced on November 14 to terminate trading support for Radiant Capital (RDNT). This follows a decision by the Digital Asset Exchange Association (DAXA) after the project failed to address security concerns regarding the $50 million Radiant Capital hack.
The trading support for RDNT will officially end on December 12. Following this, users will no longer be able to buy or sell the token on Bithumb. Additionally, withdrawal support will cease on January 10 next year. The top crypto exchange urges users to complete any transactions or withdrawals before these deadlines to avoid complications.
In its announcement, Bithumb emphasized that DAXA decision aligns with its policy to protect investors. Radiant Capital’s failure to submit the required explanatory materials regarding its security issues was a major factor in this move. As a result, the platform will no longer meet the standards necessary for continuing trading support.
Bithumb also reminded users to complete any withdrawals before January 10 next year to avoid restrictions. After this date, technical support for the RDNT token, including main-net upgrades or airdrops, may be discontinued, and withdrawals may become restricted.
RDNT Price Struggles
Radiant Capital RDNT token is currently trading at $0.057, with a 24-hour price range between $0.056 and $0.060. The 24-hour trading volume stands at $40.23 million, marking a modest 1% increase over the past 24 hours. However, RDNT has faced significant losses, down 2% in the past week and a steep 22% drop in a month. The recent delisting and regulatory challenges continue to weigh on investor sentiment.
Despite the legal challenges, Bithumb has also outlined its expansion strategy. The exchange revealed plans to list on the US Nasdaq, discussed during a temporary shareholders’ meeting on September 30. This announcement highlights Bithumb’s efforts to broaden its market reach and solidify its position in the global crypto industry.
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