Bithumb Designates ORB and TEMCO as Trading-Cautionary Stocks

DAXA Designates ORB and TEMCO as Trading-Cautionary Stocks: Key Detail

The Korea Digital Asset Exchange Association (DAXA) has recently announced that Orbcity (ORB) and TEMCO (TEMCO) will be included in the list of trading-cautionary stocks. This designation has significant implications for investors, as it signals potential risks associated with these virtual assets. The deposit business for both ORB and TEMCO will be suspended starting November 6, 2024. Here are the key details regarding this development:

Reasons for Designation

• ORB (Orbs)

• The issuer or operator of ORB has failed to disclose important information that could significantly impact the value of the virtual asset.

• The viability and sustainability of the ORB project have become unclear.

• There is no community for ORB holders to communicate, further exacerbating concerns.

• TEMCO

• TEMCO's issuer or operator has arbitrarily changed important information without public disclosure.

• The lack of transparency has raised doubts about the viability and sustainability of the TEMCO project.

These issues have led DAXA members to take precautionary measures, such as designating these assets as trading-cautionary stocks and potentially terminating trading support to protect investors.

Schedule and Impact on Trading

• Designation Date: November 6, 2024 (Wednesday)

• Deposit Suspension: Deposits for ORB and TEMCO will be suspended from 3:00 PM on November 6, 2024.

• Regulatory Basis: This action is in accordance with Article 17, Paragraph 1, Subparagraph 1 of the Enforcement Decree of the Virtual Asset User Protection Act.

• Future Announcements: Any updates regarding the extension, release, or termination of trading support will be announced in the third week of November (November 18-22, 2024).

Investor Advisory

Investors are advised to exercise caution when dealing with ORB and TEMCO due to the current issues surrounding these virtual assets. The designation as trading-cautionary stocks indicates potential risks, and DAXA members may jointly decide to terminate trading support if necessary.

Bithumb, a leading virtual asset platform, emphasized its commitment to maintaining a transparent and secure trading environment. The platform will continue to monitor virtual assets rigorously and collaborate with external experts and foundations to ensure investor protection.