Litecoin’s MWEB was going to aid a rally but is now getting delisted – what’s going on

ambcrypto.com:

From the look of things, the MimbleWimble Extension Blocks (MWEB) implemented on Litecoin’s Network have failed to provide the much-required succor for the Network’s LTC token. The MWEB upgrade was implemented to enhance the user experience by providing users the option to make confidential transactions on the Litecoin network.

Since the launch of the upgrade, eyebrows have been raised about facilitating anonymous transactions on the network. In the last week, five cryptocurrency exchanges in South Korea, namely Upbit, Bithumb, Coinone, Korbit, and Gopax announced the delisting of the network’s native token, LTC. They all mentioned the reason for this to be the anonymous transactions implemented via the MWEB upgrade which they argued is against the country’s laws. 

Stating its reason for delisting the Litecoin token, Upbit stated that :

“According to the Special Act, exchanges must check whether the transmission records can be verified for digital assets with anonymous transmission technology, and take appropriate measures if anonymous transmission technology is found.”

Furthermore on 13 June, Binance also announced that it will no longer support the deposits and withdrawals of LTC token utilizing the MWEB function. It cited a similar reason that the MWEB upgrade “provides users with an option of sending confidential LTC transactions without revealing any transaction information.”

In light of these developments that have trailed the LTC since the launch of the MWEB upgrade, how has this token fared?

On launch date i.e. 13 May, the LTC token sold across exchanges at an index price of $67.7. Exchanging hands at $42.41 per LTC token at press time, the token registered a 37% in just about 25 days. With a whopping 15% drop in the