What Happened to Binance’s Delisted Coins?

In February, Binance delisted five tokens from its platform citing concerns over the team, development, communication, and unethical/fraudulent activity, among others. Publicly these teams all responded with the expected amount of outrage, but how have they fared since Binance’s delisting? Did CZ get it wrong or have these projects slipped away into the crypto ether? Let’s find out.

CloakCoin (CLOAK)

CloakCoin seems to be going full steam ahead since Binance’s delisting – you can still buy tokens from 16 exchanges, the roadmap is about 90% complete, and the devs push out monthly updates on their progress. The GitHub is also updated with the latest commits, so it seems that the Binance delisting hasn’t hit the development. In terms of token price, the January 2018 high of $32 seems almost laughable compared to the current price of $0.22. Given that most of the exchanges on which the coin is currently listed are too small to register for an overall trading volume picture, it may be unfair to quote the given 24hr trading volume ($4,871.40), but this in itself gives an idea of how much the value of the token has fallen since Binance delisted.

Modum (MOD)

Modum’s current predicament can be summed up by this gem on their Reddit page:

modum

This acerbic reply is given context by the Github, which has had no commits since April 2018 and the fact that the coin no longer features on CoinMarketCap. The token, which is still available on some small exchanges, is now worth $0.17, a far cry from its heady days of $11.90. The team still seems active in some respects, with a lively Twitter page and a list of upcoming events that Modum will be attending, so it seems that something is still going on, although it’s going to take some doing to get back from here.

Wings (WINGS)

Wings doesn’t seem to have let the Binance desilting stop them, with mainnet upgrades and more taking place as recently as August and the Github being very active. Sadly this hasn’t been reflected in the price of the token, which hasn’t actually deviated much from the price immediately after the Binance delisting. The WINGS token lives on thanks to exchanges such as Bittrex, CoinEx, and HitBTC, with volume being a respectable $480,000. This is one project that has a chance of overcoming its Binance snub.

Salt (SALT)

This project was already in trouble when Binance followed Bittrex’s lead and delisted it, having been the subject of a Securities and Exchange Commission investigation back in November last year over their ICO. Recently the token has been described in the company’s Reddit channel as “defunct” and “dead”, although perhaps surprisingly the company itself is described as “thriving” and “killing it”. Github commits are few in number but fairly frequent, and their social media accounts are very much active. The situation seems to be therefore that Binance were right to cut the token loose, as it has barely seen a positive day since the news of the investigation came out, despite still being listed on the likes of Bithumb and Huobi. Salt may continue as a product, but the use of the SALT token within it has officially died and gone to crypto heaven.

Substratum (SUB)

Not much can be said about Substratum that hasn’t been said already, so here’s a recap:

  • December 2018: CEO Justin Tabb admits they are daytrading ICO funds
  • January 2019: Tabb is accused of misappropriating ICO funds as millions of dollars are found to be missing
  • February 2019: Binance delists Substratum
  • September 2019: Lead dev says project has “reached the end of its funding”, meaning $14 million has been blown in two years, and says the project “can’t possibly work”.

The SUB token has been slowly dying since June 2018, barely registering a positive day in fifteen months’ worth of trading. It is still available on some smaller exchanges, although its volume is less than $7,000 per day. If Binance made one error, it was not getting rid of the coin sooner.

Comments (2)

  1. Ehrich Oct 02, 2019
    • BitStarz News Oct 02, 2019

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