Indian Crypto Exchange Delta to Delist Its Own Token on 15th Sep 2024: Price Crashes badly

In a surprising and controversial move, Deto, one of India’s unpopular cryptocurrency exchanges, has announced that it will delist its native token, $DETO, on 15th September 2024. This announcement has sent shockwaves through the Indian crypto community, causing a sharp crash in the trade price of the token’s value.

Deto’s Announcement Shocks the Market

On 5th September 2024, Deto Exchange issued an official statement declaring the delisting of DETO, its native utility token, citing a strategic shift in its long-term goals and regulatory concerns as the primary reasons. 

The exchange explained that its current focus is to enhance the platform’s core infrastructure and streamline operations in response to the changing regulatory landscape in India.

Deto crypto Exchange asked customers to sell their $Deto token holdings at the market price before 15 Sep 2024 pic.twitter.com/rcLDaBcazV

      -----Cryptonews AD----->>>  

Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE

  <<<-----Cryptonews AD-----    

 

— Bitcoinik (@Bitcoinikdotcom) September 6, 2024

As per announcement, DETO will no longer be supported or tradable on the Deto platform after 15th September. After the delisting, DETO holders may only be able to swap the tokens via external decentralized exchanges (DEXs).

This acted as a very big negative catalyst for the trade price of DETO collapse. Within hours, DETO lost over 80% of its market value. The token, which was trading at ₹50 per token just a day earlier, crashed to ₹9, with some exchanges showing even lower prices due to liquidity drying up. 

An Indian crypto influencer noted that his $20k worth of Deto token holding became dust.

Wow @Delta_Exchange, what is this surprise? Are you also doing a rug pull?
I am holding 62,283 DETO tokens. I trusted you because the Delta Exchange team consists of #IITians, and I believed in your roadmap and promises.
You have also stopped withdrawals.

Why are Indian… pic.twitter.com/mDilPB4RD7

— Pushpendra Singh (@pushpendrakum) September 6, 2024

This crypto influencer urged the Indian FIU unit to take action against Deto crypto exchange because it is just like a pure scam.

Where is FIU Sleeping ?
Delta Indian Exchange is openly doing scam. https://t.co/tvCmhRGRrf

— Pushpendra Singh (@pushpendrakum) September 6, 2024

Read also: Bitcoin Crashes Below $54K Amid Bulk Institutional & Retail Sell-Off And  Declining Unemployment Rate Announcement 

Indian Crypto Exchange Delta to Delist Its Own Token on 15th Sep 2024: Price Crashes badly

 

https://bitcoinik.com/indian-crypto-exchange-delta-to-delist-its-own-token-on-15th-sep-2024-price-crashes-badly/feed/

https://bitcoinik.com/indian-crypto-exchange-delta-to-delist-its-own-token-on-15th-sep-2024-price-crashes-badly/feed/