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5South Korea’s Digital Asset Exchange Association (DAXA) has announced the suspension of trading support for Radiant Capital (RDNT) due to unresolved security issues following a significant hack. This decision aims to protect investors and maintain the integrity of the cryptocurrency market.
Background on DAXA
The Digital Asset Exchange Association (DAXA) is a consortium of South Korea's five major cryptocurrency exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. DAXA was established to enhance the security and reliability of digital asset trading in South Korea, ensuring that exchanges adhere to strict regulatory standards.
Details of the Suspension
On November 14, Bithumb, the second-largest crypto exchange in South Korea, announced the termination of trading support for RDNT. This decision was made after Radiant Capital failed to provide necessary explanations regarding a recent security breach that resulted in a $50 million hack.
The timeline for the suspension is as follows:
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December 12, 2024: Official end of trading support for RDNT on Bithumb.
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January 10, 2025: Withdrawal support for RDNT will cease.
Bithumb has urged users to complete any transactions or withdrawals before these deadlines to avoid complications.
Impact on Investors
The suspension of trading support for RDNT has raised concerns among investors. The current trading price of the RDNT token is approximately $0.057, with a 24-hour trading volume of $40.23 million. However, the token has experienced a 2% decline over the past week and a staggering 22% drop in the last month, reflecting the negative sentiment surrounding the recent developments.
Future Prospects for Bithumb
Despite the challenges posed by the suspension of RDNT trading, Bithumb is actively pursuing expansion strategies. The exchange has announced plans to list on the US Nasdaq, a move discussed during a temporary shareholders’ meeting on September 30. This initiative aims to broaden Bithumb's market reach and solidify its position in the global cryptocurrency landscape.