Why do korean exchanges cross off the omg network and serum

OMG Network (OMG) and Serum (SRM) will be jointly delisted from South Korean exchanges that are part of the Joint Digital Asset Exchange Advisory Body.

Upbit, the largest exchange by value traded, said in a statement that the networks were not operating normally.

Problems with OMG network and serum

Upbit may suspend support for the OMG Network (OMG) and Serum (SRM) by April 26th. It will finish services like hard forks, wallet upgrades, and airdrops.

According to the exchange, both networks were acting strangely and had trouble confirming regular block production. Upbit reported that the company chose to stop providing transaction support because the activity indicated projects were ending.

The issuance note translated, “Members of the Joint Digital Asset Exchange Advisory Board (DAXA) review supported digital assets for trading, monitor market conditions, and continuously take measures to protect investors by promptly providing information and responding in the event of a crisis requiring investor attention.”

Withdrawal support will be available for 30 days, or until May 26, after transaction support for digital assets ends at Upbit.

After the Terra crisis in 2022, the five major cryptocurrency exchanges in South Korea formed the Digital Asset Alliance (DAXA). The alliance consists of Upbit, Bithumb, Coinone, Korbit, and Gopax.

Tokens remain muted after deletion

Crunchbase notes The Singapore-based OMG Network (formerly OmiseGo) was launched as a financial inclusion and interoperability network in 2013. Over the course of six investment rounds, the platform has raised $25 million. This included an initial coin offering (ICO) in 2017.

At the time of writing, OMG is trading just below $1.40 after losing around 9.3% of the value in the last 24 hours. The coin lost a similar amount in the past week and has seen a cumulative decline of 22.5% in the past 14 days.

OMG Network OMG Price Chart by BeInCrypto

Meanwhile, the US-based platform Serum has Servants as a decentralized exchange (DEX) since 2020. Over five rounds, Serum has raised $120 million in investment, according to Crunchbase figures. In early 2022, they received a round of cash from an initial coin offering.

The Serum token (SRM), which gives its holders governance rights, is trading at less than $0.20 at the time of writing. According to CoinGecko, it has gained about 4% in the past 24 hours, shrugging off news of a South Korean delisting. However, the coin fell by around 8% in the previous week.

DEX was also supported by FTX, whose collapse caused trouble for Serum, despite the start of a community fork. It spent the week over 70% of its SRM value.

TVL serum chart by DefiLlama
TVL serum chart by devilama

Serum, who is based on Solana, has a total net worth of just $19.1 million on his network, according to devilama.


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