Crypto Projects Pay Millions to List on Upbit & Bithumb
Crypto projects paid up to $10M in fees to list tokens on Upbit and Bithumb through intermediaries linked to exchange insiders.
- Projects paid $10M and $2M to list on Upbit and Bithumb.
- Intermediaries were tied to shareholders and market makers.
- Listing costs raise concerns about transparency in crypto.
Crypto projects are reportedly paying massive fees to get their tokens listed on South Korea’s biggest cryptocurrency exchanges, Upbit and Bithumb. According to WuBlockchain, several unnamed projects disclosed they paid intermediary fees of around $10 million for Upbit and $2 million for Bithumb. These intermediaries, alarmingly, appear to have ties to Upbit’s shareholders and Market makers, raising questions about potential conflicts of interest and fairness.
Intermediaries With Insider Links
The intermediaries facilitating these listings are not random third parties but are reportedly connected to key stakeholders within the exchanges themselves. This implies that access to listings may not be based solely on project merit, but rather on who can afford the high costs and navigate insider networks. Such practices undermine the ethos of decentralization and open competition in the crypto space.
Transparency and Fairness Under Scrutiny
The revelation has sparked a debate about transparency and fairness in token listings. High listing fees can limit smaller or emerging projects from gaining access to major exchanges, potentially stifling innovation. Furthermore, the role of insiders in these deals raises ethical concerns and may invite regulatory attention. As South Korea remains a major hub for crypto activity, increased scrutiny on listing practices could follow.
