 |
Upbit. (Photo: Dunamu) |
[Alpha Biz= Kim Sangjin] Upbit, a domestic cryptocurrency exchange, has come under criticism for causing confusion among investors by suddenly changing the circulation plan for UXLINK.
The circulating supply provided by Upbit differed from information on other specialized platforms, leading to a revision of the announcement. Before and after the revision, the price of UXLINK dropped by about 30%.
According to reports from the cryptocurrency industry on Wednesday, Upbit announced on January 31 that it would change the circulation plan for UXLINK. According to Upbit's original circulation plan, the total circulating supply of UXLINK was supposed to remain at 170 million until January 31, and was expected to increase to 260 million by February 28.
However, this differed from the data tracked by specialized platforms such as Tokenomist, which showed an increase in the circulating supply. According to Tokenomist, an additional 26.56 million UXLINK tokens were circulated as of January 18.
Typically, an increase in circulating supply is seen as a potential negative, as it could trigger selling pressure. In fact, the circulating supply revealed by UXLINK and Tokenomist was much higher, with 338.2 million UXLINK in total circulation, which is far more than the number Upbit originally reported (before the revision). Upbit only corrected the announcement two weeks after the actual increase in circulation occurred, and it was updated through the official app and website.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
