A Backlash against Delisting Plan
PICA Project filed a suit against Dunamu on June 21. Dunamu is currently running UPbit, the largest cryptocurrency exchange in South Korea. PICA Project is the developer of cryptocurrency PICA. The litigation is the first in South Korea between a cryptocurrency exchange and a cryptocurrency developer.
On June 11, UPbit suddenly classified 25 cryptocurrencies, including PICA, as those that may be delisted soon. UPbit announced that it would delist PICA and 23 other coins on June 28.
PICA Project exposed on June 20 that UPbit demanded money in listing PICA. “At that time, UPbit demanded five million PICAs, worth approximately 250 million won, for airdrop,” it said, adding, “It seems that only 3 percent of the five million PICAs were actually used for the airdrop and UPbit transferred the rest to its cold wallet and sold it to take profits.”
UPbit is strongly denying the claims. “We take no money in relation to listing in any cases,” it said, continuing, “We have never used or traded the rest from the airdrop event.”