TechFlow news, October 24 — According to Decenter, controversial actions by Bithumb exchange during the listing and delisting process of the XENT token have caused significant losses for South Korean investors. Data shows that since its initial listing in July last year, XENT—exclusively listed on Bithumb—has experienced multiple sharp declines, falling 90% within five months.
In April this year, the token plunged another 82% after Bithumb placed it on a key monitoring list. Then in June, the exchange's announcement of delisting plans triggered a further 53% price drop. Although a court-issued injunction temporarily halted the delisting, causing the token’s price to briefly surge nearly 1,400%, the price fell another 40% this month after the court ultimately upheld the exchange’s decision.
Notably, Bithumb has earned as much as 4.6 billion Korean won (approximately $3.33 million) in transaction fees from XENT trading over the past 15 months. In response to the incident, South Korean lawmaker Lee Heun-seong criticized the exchange for lax oversight during the token listing review process, which exacerbated investor losses.
