MimbleWimble adds new features for Litecoin, but some exchanges balk
Litecoin may have recently activated its long-awaited privacy-based upgrade, but not without creating some regulatory compliance issues. Litecoin is one of the earliest alternative coins (altcoins) that came to light after Bitcoin (BTC). Created in October 2011, it is now the 20th most valuable cryptocurrency, boasting a market capitalization of over $4 billion, according to CoinMarketCap data.The MimbleWimble upgrade was first conceived more than two years ago as part of the Litecoin Improvement Proposal. That was in November 2019, as the network started planning on enhancing anonymity....
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Five major South Korean exchanges announced their intentions to delist Litecoin (LTC). The cryptocurrency recently implemented an update to improve its privacy and scalability features. Related Reading | Litecoin Reveals Rollout Date For MimbleWimble, Will LTC See Relief? As a result, Upbit, Bithumb, Korbit, Gopax, and Coinone will stop offering to their customers. The update has made Litecoin incompatible with South Korean regulations. In the official delisting announcement posted by Upbit, the platform claims the following trading pairs will be unavailable as soon as today, June....
The two exchanges cited Korea's Act on the Reporting and Use of Specific Financial Transaction Information, a law that requires crypto exchanges to put in place KYC and AML systems. The recent privacy-focused MimbleWimble upgrade on the Litecoin (LTC) blockchain has prompted two of Korea's largest crypto exchanges to issue investment warnings about the fifth-largest cryptocurrency.Bithumb and Upbit, which together account for the majority of trading volume in South Korea, released statements on Monday, advising investors about the risks associated with the privacy-enhancing upgrade.....
The world’s biggest crypto exchange by volume, Binance, published blog post this morning saying they are not going to support the MimbleWimble Extensions Block (MWEB) feature for Litecoin (LTC) deposits and withdrawals. They cited worries about security as the main reason for this decision. Binance has delisted many other coins in the past due to […]
Privacy opt-ins are coming to Litecoin even as regulators continue to scrutinize anonymity-boosting protocols. After two years of development, Litecoin (LTC) has finally launched its highly anticipated Mimblewimble upgrade, opening the door to more privacy-oriented transactions on the network. Mimblewimble’s integration into Litecoin came by way of the Mimblewimble Extension Block, also known as MWEB, which allows the network’s users to opt-in to confidential transactions. MWEB lead developer David Burkett, who has been sponsored by the Litecoin Foundation, said the upgrade improves....
Litecoin's privacy feature testnet returns as news emerges that Europol sees privacy and coin mixing technologies as major digital threats Litecoin (LTC) has relaunched its MimbleWimble testnet — a protocol designed to enhance privacy and obfuscate the traceability of distributed ledger transactions.MimbleWimble is a modified implementation of the proof-of-work algorithm underpinning Bitcoin (BTC) in which blocks appear as a single large transaction, preventing the individual inputs and outputs relating to the transactions from being identified. David Burkett, the lead developer of the....