Mithril states that it deposited 200,000 BNB tokens, valued at about $53 million, to Binance in 2018 to list its MITH coin.
Mithril, a blockchain-based social media project, has requested a return of 200,000 BNB ($53 million) after Binance delisted its currency earlier today.
In November 2018, the project disclosed that it has paid Binance a deposit of 200,000 BNB as part of its first listing. Given that Binance unilaterally opted to cancel our cooperation, we humbly want a refund of our 200,000 BNB investment, as stated in a tweet by the project. In 2018, at the time of listing, the BNB deposit was valued around $1 million.
Mithril further said that the initiative was a longstanding partner of the cryptocurrency exchange. Mithril’s token, which bears the ticker MITH, was the first token issued on the Binance Chain in April 2019. It was also the first pair launched on the decentralized exchange Binance.
Mithril stated that it has contributed to the Binance Charity and engaged in various projects as part of its long-standing working relationship with the firm since 2018. The 2018 listing announcement details a contribution of 20,000 BNB to the Blockchain Charity Foundation.
Mithril argued that the return was essential for the company’s continued operations. Since almost two years ago, the blockchain social media initiative has mainly been idle. Prior to today, its final tweet was published on January 7, 2021. The project’s website seems unavailable as well.
MITH was one of four coins that Binance delisted on Thursday. The notification noted that the coins no longer satisfied the listing requirements of the exchange.
Before publishing, Binance did not immediately react to The Block’s request for more remarks.
According to CoinGecko data, the Mithril token is outside of the top 1,000 crypto tokens by market capitalization. The current market capitalization of MITH is $5.9 million. Since the Binance delisting news, the token’s spot price has dropped more than 20%.
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