Binance Coin Facing Massive Sell Pressure? Mithril Team Wants 200,000 BNB Back

Posted on December 15, 2022
News
By Mark Otto
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In an announcement today, Binance declared that based on recent reviews, it has decided to delist the Mithril (MITH), Tribe (TRIBE), Augur (REP) and Bitcoin Standard Hashrate Token (BTCST) tokens on December 22, 09:00 (UTC) and cease trading on all trading pairs. As stated in a blog post about the matter, Binance periodically reviews the standards for a listing on the exchange. If a token no longer meets that standard, “we will conduct a more thorough review and potentially delist it,̶[...]

As stated in a blog post about the matter, Binance periodically reviews the standards for a listing on the exchange. If a token no longer meets that standard, “we will conduct a more thorough review and potentially delist it,” Binance declared.

Factors in the review include the team’s commitment to the project, volume and quality of development activity, trading volume and liquidity, stability and security of the network from attacks, and stability of the network.

Will The MITH Team Be Able To Dump 200,000 Binance Coins (BNB)?

The Mithril team responded to the notice, disclosing that as part of the MITH listing, they had to pay a deposit of 200,000 BNB to Binance, which has not yet been returned.

On behalf of the Mithril community, we ask CZ to return this deposit so that Mithril may continue to operate.

The Mithril team wrote via Twitter that it has a long history of working with Binance since 2018 as the first token listed on the BNB Beacon Chain (BEP2) network. Furthermore, the team behind MITH claims that it has donated to Binance Charity and collaborated on other Binance initiatives based on partnerships and informal requests.

Since Binance “unilaterally decided” to end the partnership, the Mithril team is asking for the return of the 200,000 BNB deposit. However, it is not clear at this time whether the request is justified.

At press time, CEO Changpeng Zhao had not yet commented on the matter. It is yet to be seen whether the Mithril team has a legal entitlement against Binance based on the contractual provision. Likewise, it also remains to be seen if the Mithril Team will dump the 200,000 BNB on the market in a single swoop.

53m of sell pressure incoming on bnb https://t.co/EZv9hEZrdx

— degentrading (@hodlKRYPTONITE) December 15, 2022

Crypto Community Slams Mithril

Supportive words for Binance and harsh criticism towards Mithril are coming from the Twitter crypto community. The tenor: the team has not delivered work for a long time, the last tweet is from January 2021, the website is not active and there is no whitepaper.

Mithril says it is a decentralized social media platform on the Ethereum blockchain. It is designed to integrate with new and existing social media networks to reward content creators for contributions to the network.

At press time, BNB was trading at $264.80. Following the Binance speculations and FUD over the last few days, BNB is underperforming in the market. While BTC (+5%) and ETH (+3.8) are recording gains over the last seven days, BNB is down 7% in the same timeframe.