Binance to Perform Reverse Splits on Uniswap, Litecoin-Linked Tokens

The exchange will consolidate UNIDOWN and LTCDOWN tokens by 100,000 to 1.

AccessTimeIconAug 9, 2021 at 10:35 a.m. UTC
Updated Sep 14, 2021 at 1:37 p.m. UTC

Crypto exchange Binance said it will perform reverse splits on certain trading tokens linked to litecoin and uniswap.

  • UNIDOWN and LTCDOWN – which generate leveraged gains when the underlying crypto assets decrease in price – will undergo a 100,000:1 reverse token split, Binance announced Monday.
  • This process consolidates existing tokens into a smaller number with higher value.
  • Users with 1 million of the tokens before the split will have 10 after, users with 1 billion tokens before the split will have 10,000 after and so on.
  • Binance will suspend trading in the tokens at 3:00 a.m. UTC Aug. 17, taking a snapshot of the balance in users' accounts, then update them 24 hours later before resuming trading.
  • The company advised users to redeem their existing tokens into USDT before the start of the split to protect against fluctuations in price during the process.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

2
CoinDesk - Unknown
A New Chapter of Web3: Solana Unveils Smartphone ‘Saga’; Moody’s Downgrades Coinbase

The most valuable crypto stories for Friday, June 24, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
How Are Institutions and Companies Investing in Crypto?

From putting bitcoin on their balance sheets to setting up shop in the metaverse, the ways brands and institutions are investing in cryptocurrencies continues to expand.

CoinDesk - Unknown
4
CoinDesk - Unknown
Consensus 2022: Hollywood, Colleges, Conferences vs. Crypto

The state of crypto and economics live from Consensus 2022 in Austin, Texas.

CoinDesk - Unknown