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    Home»Markets»Binance Performs Reverse Splits on Uniswp Litecoin-Linked Tokens
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    Binance Performs Reverse Splits on Uniswp Litecoin-Linked Tokens

    bybitoBy bybitoAugust 3, 2020Updated:October 27, 2022No Comments1 Min Read
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    Crypto exchange Binance said it will perform reverse splits on certain trading tokens linked to litecoin and uniswap.

    • UNIDOWN and LTCDOWN – which generate leveraged gains when the underlying crypto assets decrease in price – will undergo a 100,000:1 reverse token split, Binance announced Monday.
    • This process consolidates existing tokens into a smaller number with higher value.
    • Users with 1 million of the tokens before the split will have 10 after, users with 1 billion tokens before the split will have 10,000 after and so on.
    • Binance will suspend trading in the tokens at 3:00 a.m. UTC Aug. 17, taking a snapshot of the balance in users’ accounts, then update them 24 hours later before resuming trading.
    • The company advised users to redeem their existing tokens into USDT before the start of the split to protect against fluctuations in price during the process.

    — With files from coindesk.com Press

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