Coinspeaker Binance Suspends Deposit of TROY on BSC Network Triggering 43% Value Dump
Binance, the leading cryptocurrency exchange by daily trading volume and over 250 million globally registered users, has announced the suspension of TROY deposits on the BSC network immediately. According to the announcement, the deposits of TROY were suspended on January 2, 2025, due to a potential security risk on the BSC network-based smart contract.
Binance highlighted that the TROY team has not verified the collateral of the minted tokens on the BSC network, thus leading to the suspension.
“Unfortunately, the project team has not provided sufficient clarification regarding this issue at the time,” Binance noted.
The cryptocurrency exchange highlighted that it may reopen the deposits of TROY if the BEP20 smart contract is deemed safe for the users. Meanwhile, the TROY deposit and withdrawals on the Binance exchange through the Ethereum (ETH) network will not be impacted. As a result, the 1,794 TROY holders in the BSC chain can transfer their assets to the ERC20 version and join the 2,390 holders.
Market Impact on the Troy Ecosystem
Following the suspension announcement by the Binance exchange, TROY price dumped more than 43 percent in the past 24 hours to trade about $0.00436 on Friday, January 3, during the early New York session. The small-cap altcoin, with a fully diluted valuation of about $43 million, experienced a sharp spike in daily average traded volume to over 558 million, thus the volume-to-market cap ratio of about 1460 percent.
The Troy team has, however, responded with a statement on X that the rumors of project sales are inaccurate. Moreover, the Troy team is ostensibly in the process of acquiring another AI project to enhance its growth amid the mainstream adoption of digital assets and web3 projects.
Dear TROY users and investors,
The rumors circulating in the market about TROY being acquired are inauthentic and not supported by any evidence.
Currently, TROY is in the process of acquiring another AI Agent project. The acquisition is still ongoing.
— TROY AI(The Pure Joy of AI) (@TROY_DAO) January 3, 2025
The Troy project combines the advanced tech of artificial intelligence with community-driven meme tokenomics. The TROY DAO uses the TROY token to integrate the NFT, and GamiFi elements for the members of the Troy Play.
The suspension of TROY deposits on the Binance exchange will have an adverse effect on the token’s liquidity ahead.
Furthermore, the BEP20 version is much cheaper to operate for users compared to the ERC20 version. Meanwhile, the Troy team continues to build the TROY War game with the help of AgenLayer, a decentralized autonomous AI agent network.
The Troy team has been backing an AI grant program with $10 million for projects seeking to build innovative solutions. Backed by Signum Capital, AlphaCoin Fund, and Neo Global Capital, the Troy team is well-positioned to build disruptive AI-backed web3 projects in the future.
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Binance Suspends Deposit of TROY on BSC Network Triggering 43% Value Dump
