The Delisting of Puriever (PURE) by Coinone
On April 24th, Coinone, a South Korean cryptocurrency exchange, announced on April 21st that it would delist Puriever (PURE) because \”the results confirmed that the project did not
On April 24th, Coinone, a South Korean cryptocurrency exchange, announced on April 21st that it would delist Puriever (PURE) because “the results confirmed that the project did not have any cooperative relationships with partners promoted by multiple media, and the project’s official website provided incorrect information to investors.” The issuer of Puriever (PURE) stated that it would file a lawsuit against the exchange in court. It is reported that Coinone is involved in a scandal in which its former employees took bribes and paid coins for the Puriever (PURE) token, and the Puriever project was involved in a “Jiangnan homicide case”. The suspect once lost money after investing in PURE tokens in 2022, or kidnapped and killed one of the management personnel of the Puriever project due to resentment, but the Puriever project party denied the relationship with the victim. （News1）
Coinone, a cryptocurrency exchange in South Korea, delisted PURE tokens on suspicion of false advertising
Introduction
South Korean cryptocurrency exchange Coinone recently announced its decision to delist Puriever (PURE), following an investigation that revealed that the project did not have any cooperative relationships with partners promoted by multiple media, and that the project’s official website provided incorrect information to investors. The issuer of Puriever (PURE) has stated its intention to file a lawsuit against the exchange in court. This development comes after Coinone was involved in a bribery scandal in which former employees took bribes and paid coins for the Puriever (PURE) token. In addition, the Puriever project was implicated in a “Jiangnan homicide case,” in which the suspect allegedly kidnapped and killed one of the management personnel of the project. However, the Puriever project party denied any relationship with the victim. (News1)
The Delisting
Coinone’s decision to delist Puriever (PURE) may have been influenced by the controversy surrounding the project, as well as the exchange’s ongoing legal battle over the bribery scandal. Delisting refers to the removal of a cryptocurrency or token from an exchange, which may occur for various reasons, such as low trading volume, security concerns, or regulatory issues.
Puriever (PURE) is an ERC-20 token that was launched in February 2019. The project claimed to be a decentralized platform for file sharing and storage, with features such as data encryption, identity verification, and smart contracts. However, some investors questioned the legitimacy of the project, as it had little public exposure or endorsement from reputable sources.
Coinone’s investigation reportedly found that Puriever (PURE) had no partnerships with the media outlets that had endorsed the project, and that the project’s official website contained false information about its team members and advisors. These findings led Coinone to conclude that the project was not transparent or trustworthy, and therefore not suitable for trading on its platform. The exchange also offered to compensate affected investors for their losses.
The Lawsuit
The issuer of Puriever (PURE) has responded to Coinone’s delisting with a legal challenge, claiming that the exchange’s actions were unfair and unsubstantiated. The issuer, Pureiver Lab, argued that it had not been given sufficient notice or opportunity to explain its position, and that Coinone’s investigation was based on incorrect information and biased sources.
Pureiver Lab also accused Coinone of violating the terms of their agreement, which stated that the exchange could not delist any token without prior approval from the issuer. Therefore, Pureiver Lab argued that Coinone’s decision to delist Puriever (PURE) was a breach of contract, and that it had caused significant damage to the project’s reputation and value.
The lawsuit has yet to be resolved, but it highlights the legal and regulatory challenges facing the cryptocurrency industry. Cryptocurrencies are often subject to legal disputes, scams, and hacking attacks, which can undermine investor confidence and stability.
Conclusion
The delisting of Puriever (PURE) by Coinone marks another chapter in the ongoing saga of the cryptocurrency industry. While cryptocurrencies offer many benefits, such as decentralization, transparency, and security, they also face many challenges, such as fraud, volatility, and regulatory uncertainty.
Investors should be cautious when investing in cryptocurrencies, and should conduct thorough research and due diligence before making any decisions. Cryptocurrency exchanges should also prioritize transparency, security, and compliance with legal and regulatory requirements, in order to maintain trust and credibility with their users.
FAQs
1. What is the significance of Coinone’s decision to delist Puriever (PURE)?
Coinone’s decision to delist Puriever (PURE) may reflect concerns about the project’s legitimacy, transparency, and compliance with legal and regulatory requirements.
2. What is the lawsuit filed by the issuer of Puriever (PURE) against Coinone about?
The lawsuit alleges that Coinone’s decision to delist Puriever (PURE) was unjustified, unfair, and in breach of contract, and seeks compensation for damages.
3. What should investors consider when investing in cryptocurrencies?
Investors should consider factors such as the project’s team, technology, community, legal and regulatory compliance, and industry trends when investing in cryptocurrencies. They should also be aware of the risks associated with cryptocurrencies, such as market volatility, scams, and hacking attacks.
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