South Korean crypto exchange Upbit has delisted Pica Project’s coin on its platform and, as a response, the coin issuer has accused the crypto exchange company of mishandling 4.5 million of its coins.
That is why Upbit decided to file charges against Pica Project’s actions, which, according to the exchange company, was extremely malicious.
The coin issuer has first launched its attack on Upbit through its blog post, saying that it had made clear that the total number of its coins has been fully disclosed to investors, showing that they have committed no violations.
In its next blog post, the coin issuer has become bolder and sharper with its statement claiming that Upbit has misappropriated its coins.
Why Upbit delisted Pica Project’s crypto coin?
Upbeat decided to remove Pica Project’s coin on its platform because it has allegedly discovered that that the company has not properly disclosed its coin sales to its investors.
In a statement released by the crypto exchange firm, Pica’s claims that only 120 million of its coins are in circulation are false. Upon their investigation, it was discovered that there are actually 330 million coins in circulation, which is more than double what Pica has claimed.
Additional accusations from Pica
Apart from the accusations mentioned earlier, Pica Project has also claimed that its 5 million coins (which it has requested Upbit to funnel in marketing promotions) have been sold and traded on the platform.
Upbit responded by releasing an official statement saying that it has not sold any of Pica’s 5 million coins and also strongly denied that the platform is demanding coins in exchange for listing.
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