In a move to ensure the safety and security of investors and their funds, OKX, one of the leading cryptocurrency exchanges, released a report on September 10, 2024. The announcement revealed that OKX will soon delist the Frontier (FRONT) token. According to the report, trading pairs involving FRONT such as FRONT/USDT and FRONT/USDC will be unavailable starting from September 13, 2024.
OKX to Delist Frontier (FRONT)
OKX has advised investors and traders to cancel any existing orders involving FRONT tokens. If not canceled manually, the system will automatically cancel them. Additionally, the exchange has already suspended the deposit of FRONT tokens as of September 9, 2024.
The reason behind this decision is the rebranding and migration of the Frontier (FRONT) token, which OKX does not support. The token has been rebranded to Self Chain (SLF), and the total supply has increased significantly from 90,000,000 to 360,000,000 tokens following the rebranding.
Reason For Frontier (FRONT) Delist From OKX
The primary reason for this delisting is the exchange of tokens from FRONT to SLF. Despite the increase in total supply, the exchange rate is set at 1 FRONT to 1 SLF token. This has raised concerns within the community about potential fraud, as the value held by users has been diluted by 75% related to the total supply.
OKX is the first cryptocurrency exchange to suspend and delist a token potentially due to unfair token distribution. The exchange emphasized that it will continue to monitor all listed trading pairs and will implement the delisting or hiding mechanism as necessary to safeguard investors.
This is not an isolated incident; several tokens have been delisted by various exchanges in the past to protect investors and their funds. The proactive measures taken by exchanges like OKX demonstrate a commitment to maintaining a fair and secure trading environment for users.
Current Price Momentum
Following the announcement, the renamed SLF token is currently trading at approximately $0.43. It has experienced a price drop of 2% in the last 24 hours. Additionally, the trading volume for SLF has decreased by 17% during the same period, indicating that investor interest may be waning.
In conclusion, the delisting of Frontier (FRONT) by OKX highlights the importance of transparency and fair practices within the cryptocurrency market. Investors are advised to stay informed and exercise caution when dealing with rebranded or migrated tokens.
Keep an eye on updates from OKX and other cryptocurrency exchanges to ensure that your investments remain secure and aligned with your financial goals.
