The post XENT Faces Delisting as Court Upholds Bithumb’s Appeal on Injunction appeared on BitcoinEthereumNews.com.

On October 18, 2024, XENT announced via its official X account that the Seoul Central District Court has upheld Bithumb Exchange’s appeal regarding the July 8 injunction that prevented XENT’s delisting. The court’s decision marks a significant setback for XENT Foundation, as the request to lift its cautionary investment designation was also rejected. This development brings XENT closer to delisting on Bithumb, one of South Korea’s major cryptocurrency exchanges. Despite its efforts to challenge the delisting, XENT expressed regret over the court’s ruling, acknowledging the challenges the foundation now faces in maintaining trust with partners and continuing its operations. The XENT Foundation pledged to reorganize and move forward, assuring users that they will receive timely updates to prevent confusion during this transition period. Timeline of XENT’s Legal Struggles July 8 Injunction and Investment Caution The legal battle began when Bithumb Exchange issued a delisting notice for XENT, citing concerns over its investment safety and performance. In response, XENT Foundation filed an injunction on July 8 to prevent the delisting, which was initially accepted by the court. Additionally, XENT was placed under a cautionary investment designation, limiting trading and signaling concerns about its stability. The injunction provided temporary relief for XENT, allowing the project to continue trading on Bithumb while efforts were made to resolve the issues raised by the exchange. However, Bithumb quickly appealed the decision, seeking to reverse the court’s ruling and proceed with the delisting. October 18 Court Ruling The ruling on October 18 marks a turning point in this legal saga. The Seoul Central District Court accepted Bithumb’s objection to the injunction, effectively clearing the way for XENT’s delisting. Furthermore, the court rejected the XENT Foundation’s request to lift the cautionary investment designation, which would have allowed the project to regain investor confidence and avoid further regulatory…

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Filed under: News - @ October 18, 2024 2:28 pm