Bithumb Withdraws Altcoin Listing after Customer Backlash

South Korean cryptocurrency exchange platform Bithumb has aborted its attempts to list an altcoin called Popchain (PCH), after angry customers complained the exchange was trying to drive up speculation in the market.

Critics have claimed that Popchain is a de facto monopoly, as per data retrieved from Ether Scan, only 50 people currently own Popchain tokens. Some 12 owners account for 95% of the total, while the top three own a massive 65%.

Per media outlet SporBiz, Bithumb said it had postponed its listing on the market because it could not confirm the truth of certain allegations made against Popchain.

The Korea Blockchain Association (an alliance of 23 of the country’s leading exchanges) had also recommended that Bithumb stop and review its procedure before beginning Popchain trading. Investors have claimed the coin was created just two weeks ago, and have stated that no Popchain initial coin offering had been issued, and no other exchanges have yet listed it.

Many have criticized Bithumb’s timing, accusing it of recklessness at a time when many of the country’s exchanges are under intense scrutiny. Bithumb’s biggest rival, Upbit, is currently under investigation by state prosecutors, who believe the company may have issued falsified financial information. The head of two other exchanges were arrested last month, and have been charged with “fraud and embezzlement.”