Cryptocurrency exchange Binance made a significant announcement regarding the conversion of Tornado Cash (TORN) and nine other tokens to USDC. Binance informed users that it would convert the specified tokens to USDC, and the process would be completed shortly.
Conversion and Withdrawal Process
In its official announcement, Binance stated that it would convert the tokens Vai (VAI), Tornado Cash (TORN), OMG Network (OMG), Waves (WAVES), NEM (XEM), BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POLS), and Pundi X PURSE (PURSE) into USDC based on the current balances in users’ wallets. Once the conversion process is complete, users’ wallets will be credited with the equivalent amount of USDC.
Exchanges typically automate the conversion of delisted tokens if users do not withdraw them to other exchanges or DeFi wallets. Tokens like PUNDIX were extremely popular assets during the 2017-2018 cycle. Although other altcoins also gained popularity during their time, circumstances can shift over the years. This highlights the inherent risks of cryptocurrencies, reminding us that even today’s popular projects may face significant challenges in just a few years.
Altcoin Prices Declined
Following Binance’s announcement, most delisted tokens experienced price declines. Tornado Cash (TORN) saw a 6% drop, trading at $2.16. Vai (VAI) was priced at $0.9998, while OMG Network (OMG) fell by 3% to $0.279. Waves (WAVES) decreased by 2.5% to $1.1, and NEM (XEM) dropped approximately 2% to $0.0175. BarnBridge (BOND) and DOCK also fell by 3%, while POLS declined by 5%. Mdex (MDX) faced the largest loss, plummeting by 51%.
Binance stated that users would have the opportunity to withdraw these delisted tokens until October 28 at 23:59 UTC. After this date, withdrawals for the specified assets will not be possible. Furthermore, the conversion will be conducted based on the average token-USDC exchange price between October 29, 2024, and April 28, 2025. Binance will send users an email containing related details once the USDC conversion process is complete.
In the past, Binance has warned about delisting projects like Bluzelle, CLV, SelfKey, Prosper, and VITE. These actions are the result of the exchange’s strategy to continuously monitor listed altcoins for users.
Many delisted tokens have lost value due to the cessation of support from Binance. This process serves as a reminder for users to review their portfolios and keep in mind the risks of significant losses.
