ChilizX withdrawal issue announcement causes 12.5% drop for CHZ.
ChilizX, a cryptocurrency exchange dedicated to trading fan tokens, has issued a warning to its users regarding a problem with withdrawals on the Chiliz Legacy Chain network. In a post on January 22, ChilizX provided limited details about the issue and recommended that users choose an alternative network called Chiliz Chain (CC2) for their fan token withdrawals.
The announcement from ChilizX advised users not to withdraw fan tokens using the Chiliz Chain to a Chiliz Legacy Chain address. Although the exchange’s team assured users that they were actively working to resolve the problem, some users reported successful withdrawals through the network on other cryptocurrency exchanges, which raised questions.
As a result of the ChilizX withdrawal issue, the value of the CHZ token, the native cryptocurrency of the Chiliz ecosystem, experienced a significant decline of more than 12.5%. At the time of writing, CHZ is trading below $0.1, making it the second-worst performing token in terms of price over the past 24 hours, according to data from CoinGecko.
Chiliz is a blockchain platform that focuses on sports and entertainment, and its ecosystem is anchored by the CHZ native token. Within this framework, the Chiliz Chain network has emerged as a potential replacement for the Chiliz Legacy Chain. It features an on-chain governance system that is compatible with the Ethereum Virtual Machine (EVM).
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