In a surprising and controversial move, Deto, one of India’s unpopular cryptocurrency exchanges, has announced that it will delist its native token, $DETO, on 15th September 2024. This announcement has sent shockwaves through the Indian crypto community, causing a sharp crash in the trade price of the token’s value.
Deto’s Announcement Shocks the Market
On 5th September 2024, Deto Exchange issued an official statement declaring the delisting of DETO, its native utility token, citing a strategic shift in its long-term goals and regulatory concerns as the primary reasons.
The exchange explained that its current focus is to enhance the platform’s core infrastructure and streamline operations in response to the changing regulatory landscape in India.
As per announcement, DETO will no longer be supported or tradable on the Deto platform after 15th September. After the delisting, DETO holders may only be able to swap the tokens via external decentralized exchanges (DEXs).
This acted as a very big negative catalyst for the trade price of DETO collapse. Within hours, DETO lost over 80% of its market value. The token, which was trading at ₹50 per token just a day earlier, crashed to ₹9, with some exchanges showing even lower prices due to liquidity drying up.
An Indian crypto influencer noted that his $20k worth of Deto token holding became dust.
This crypto influencer urged the Indian FIU unit to take action against Deto crypto exchange because it is just like a pure scam.
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