Changpeng Zhao CEO of Binance responded to MITH's claim on Twitter with a screenshot of its contract suggesting that if the price of the listed token falls below a certain threshold, the exchange is entitled to deduct the insurance fund partially or fully as an additional fee.
CZ said that the token price of the said project fell below the trigger threshold on multiple occasions and after examining the project, it had not updated the community for almost 2 years. CZ stated, "our team has made the right decision and acted fully within our right to do so."
The MITH project was founded by Jeff Huang, a famous Taiwanese musician and a popular non fungible token (NFT) investor. The founder of the project has a tainted crypto history, as on-chain analyst ZachXBT accused him of embezzling 22,000 ETH.
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