Litecoin (LTC) MWEB Update Draws Warnings From South Korean Exchanges

Litecoin (LTC) MWEB Update Draws Warnings From South Korean Exchanges
  • Almost two and a half years ago, the MimbleWimble update idea was initially put forward. 
  • MWEB not only enhances LTC privacy but also improves the overall efficiency.

As a result of Litecoin’s latest privacy-focused MimbleWimble update on the LTC blockchain, two of the top crypto exchanges in Korea issued investment advisories. Bithumb and Upbit, two of South Korea’s largest cryptocurrency exchanges, issued comments on Monday warning investors of the dangers involved with the privacy-enhancing update.

The use of privacy-focused technology by Litecoin Confidential transactions enables users to transmit tokens while hiding transaction details, according to Bithumb’s description of the service. Similarly, Upbit released a statement.

History of Delisting Cryptocurrencies

They referenced Korea’s Act on the Reporting and Use of Specific Financial Transaction Information, which mandates that cryptocurrency exchanges set up KYC and AML procedures to identify and prevent money laundering. After issuing such warnings, Korean exchanges have a history of delisting cryptocurrencies. Korbit and Coinone, the other two main South Korean exchanges, have yet to comment.

Almost two and a half years ago, the MimbleWimble update idea was initially put forward. MimbleWimble (MWEB) was accepted by most nodes earlier this year. As a result, a new upgrade was published earlier this year that can interact with new MWEB privacy capabilities. A total of 2 million blocks were mined at this point.

The most highly awaited Litecoin improvement has been the MimbleWimble upgrade. MWEB not only enhances LTC privacy but also improves the overall efficiency of the blockchain. Allowing for private Litecoin transactions, MWEB removes unneeded data from the blocks. As one of the first rivals to Bitcoin, Litecoin was launched in 2011. On CoinMarketCap, it is the 18th most valuable cryptocurrency with a market value of almost $5 billion. 

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.