Crypto exchanges suggest that Litecoins MWEB upgrade is dangerous. What is the reason
25.05.2022
Exchanges in South Korea fear that Litecoin-powered MWEB will provide scammers with the ability to hide information about themselves.
In one of the news, it was said that the MWEB improvements suggest making changes to increase the Litecoin network. Its key part allows for the containment of an enlarged "Anonymous Transaction" option, which does not allow the disclosure of information related to customer transfers.
Upbit also reacted to this situation: "We want to eliminate the possibility of money laundering and prevent the transfer of funds as financing of terrorist organizations with all our might." In addition, they stated that none of the MWEB deposits were realized.
The MWEB update took place in November 2019 as part of a proposal to improve Lightcoin. This technological option is used to increase anonymity for all users of translations. The message of the platform stated that MWEB allows for the public display of the amount with which participants can send tokens or store.
In addition, in March, Korea adopted norms that acted as a recommendation for the FATF supervisory body. He obliged providers to provide information about all participants in transactions that do not comply with the requirements. Several methods have also been proposed to exclude the process of money laundering in the cryptocurrency space.
After warnings for the two largest sites, these processes may additionally receive statements about Litecoin from the Korbit and Coinone sites. They can remove Litecoin from the list of assets.
The Litecoin network has implemented the release of a new version at a time when the South Korean government plans to implement the implementation of enhanced measures and rules regarding cryptocurrencies and measures to protect investors. Additionally, at the official level, an investigation into the reasons for the sharp fall of Terra was implemented.
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In one of the news, it was said that the MWEB improvements suggest making changes to increase the Litecoin network. Its key part allows for the containment of an enlarged "Anonymous Transaction" option, which does not allow the disclosure of information related to customer transfers.
Upbit also reacted to this situation: "We want to eliminate the possibility of money laundering and prevent the transfer of funds as financing of terrorist organizations with all our might." In addition, they stated that none of the MWEB deposits were realized.
Using softwork to increase anonymity
The MWEB update took place in November 2019 as part of a proposal to improve Lightcoin. This technological option is used to increase anonymity for all users of translations. The message of the platform stated that MWEB allows for the public display of the amount with which participants can send tokens or store.
In addition, in March, Korea adopted norms that acted as a recommendation for the FATF supervisory body. He obliged providers to provide information about all participants in transactions that do not comply with the requirements. Several methods have also been proposed to exclude the process of money laundering in the cryptocurrency space.
After warnings for the two largest sites, these processes may additionally receive statements about Litecoin from the Korbit and Coinone sites. They can remove Litecoin from the list of assets.
The fall of Terra led to a strong tension in the cryptocurrency market
The Litecoin network has implemented the release of a new version at a time when the South Korean government plans to implement the implementation of enhanced measures and rules regarding cryptocurrencies and measures to protect investors. Additionally, at the official level, an investigation into the reasons for the sharp fall of Terra was implemented.
Back