Strike, Fading into History... Ultimately Delisted from Upbit and Bithumb

The cryptocurrency Strike (STRIKE) is expected to virtually disappear from the market. Delisting from Upbit and Bithumb—where most of Strike's trading volume took place—is imminent.

At 2:55 p.m. KST on the 21st, Strike was trading at ₩94.1 on Upbit, down 98.51% from the previous day. At the same time, on Bithumb, Strike was trading at ₩163, a drop of 98% from the previous day.

Although Strike was not issued by a domestic virtual asset operator, it has been classified as a “Kimchi coin.” According to CoinMarketCap, Strike's 24-hour trading volume was $199 million, of which $198.8 million (99%) occurred on Upbit, a local crypto exchange. The remaining volume was also traded on Bithumb.

With the delisting from the only two exchanges where trading was possible, Strike is following a path to being expelled from the market. Previously, on July 21, Upbit and Bithumb announced via notices that Strike would be delisted. The reason for delisting, they explained, was “failure to disclose important matters by the issuer, lack of core documents such as the white paper, and questions about the project’s viability and sustainability—thus not meeting the exemplary standards for trading support.”

Usually, even if a cryptocurrency is delisted from one exchange, it can be cashed out at another. For example, if a cryptocurrency is delisted from Exchange A, it can still be traded by transferring it to Exchange B as long as B supports it. However, for Strike, since the only exchanges supporting it were Upbit and Bithumb, cashing out is effectively impossible.