Binance News: Mask Network Crypto Delisted by Binance, MASK Token Price Drops 38%

In a significant development in the cryptocurrency market, Binance has delisted the MASK token of the Mask Network, leading to a dramatic price drop. Here’s a closer look at the situation and its implications.

Binance Delists Mask Network Crypto, MASK Price Plummets -38%

MASK, the token behind the Mask Network, has experienced a significant drop in price, shedding 38% in the past day of trading. The crash follows its delisting from Binance, where most of its trading occurred. Based on the daily average trading volume, Binance is the world’s largest and most liquid crypto exchange, making the delisting a massive blow for MASK. On CoinMarketCap, the average daily trading volume for MASK surged by over 340% in 24 hours, mainly driven by panic selling.

FDUSD Issuer Refutes Insolvency Allegations by Justin Sun

First Digital Trust (FDT) has denied insolvency allegations made by Justin Sun on social media. Sun claimed the firm was insolvent and unable to redeem its stablecoin, FDUSD, causing the coin to break its peg and fall to $0.8726 before recovering to $0.9870. FDT emphasized that all FDUSD reserves are fully backed and verifiable through US Treasury bills, and that the dispute involves TrueUSD (TUSD), not FDUSD. The incident has raised concerns about the stablecoin’s solvency and transparency, as well as potential implications for Binance, which holds a significant amount of FDUSD.