Global crypto platform Binance announced that it will no longer support the deposit and withdrawal of Litecoin (LTC) that utilize the MimbleWimble Extension Blocks (MWEB) function.
The MWEB function gives users the option to transfer confidential Litecoins without revealing any transaction information.
Thus, Binance revealed that it will not receive nor return any Litecoins received through the MWEB function, owing to the fact that Binance cannot verify the sender’s address, resulting in the direct loss of funds.
Not only Binance, but several South Korean exchange platforms including Upbit, Bithumb, Coinone also delisted Litecoin following its privacy-focused MWEB upgrade.
Bithumb and Upbit warned users about a month ago about the new update which enables camouflage transactions.
