South Korean exchanges to delist OMG and SRM

The members of the digital asset exchange joint consultative body (DAXA), a group of South Korean crypto exchanges, are planning to delist OMG Network (OMG), formerly known as OmiseGo, and serum (SRM).

Timeline of Omg, Serum

A low-cap Solana-based (SOL) altcoin has more than doubled up in value over the last week as Bitcoin (BTC) regains the $21,000 level. Decentralized exchange (DEX) platform Serum (SRM) has shot up 130% over the last seven days after suffering through the collapse of crypto exchange FTX, which it heavily relied on.

Serum (SRM/USD), the cryptocurrency associated with bankrupt crypto exchange FTX and the Solana (SOL/USD) blockchain, is one of the top performing coins in the past week. What is Serum? Serum is an open-source cryptocurrency project created by FTX and the Solana Foundation.

The Solana (SOL)-based decentralized exchange (DEX) Serum (SRM) is updating its community as it faces fallout from the FTX collapse. According to the Project Serum Twitter account, Serum's mainnet is defunct after the disintegration of FTX left its security permanently compromised.

After the dramatic collapse of the cryptocurrency exchange giant FTX — Serum, a decentralized cryptocurrency exchange funded by FTX, notified its 215,000 Twitter followers that the project is “defunct,” while also referring users towards a community-led fork of the project. Possible Revival With Serum Fork Serum, still has some glimmer of hope with its fork, The post FTX-backed Serum (SRM) Claims It's Defunct; Pushes Community Fork appeared first on CoinGape.

Cryptocurrency news since the collapse of FTX earlier this month has featured more and more on the impact of the implosion on other businesses. As we reported earlier today, crypto lender BlockFi filed for bankruptcy, with FTX's collapse the main factor behind it.

Serum, via its official Twitter clarified that it was no longer being used by major DeFi protocols on the Solana blockchain. The post FTX-backed DEX Serum calls itself ‘defunct,' promotes community fork appeared first on The Block.

The Serum (SRM) price has broken down from a long-term support area and could decrease to a new all-time low. The post Serum (SRM) Price Bullish in Short-Term, but Longer Time Frame Paints a Different Picture appeared first on BeInCrypto.

According to Solana's founder, Anatoly Yakovenko, Serum developers are forking the platform because the “upgrade key to the current one is compromised.” Serum, created by FTX's Sam Bankman-Fried (SBF), was touted as “completely permissionless,” but now that the exchange has fallen, it's suspected that Serum's upgrade authority is tainted.

With the market attention wandering off from crypto majors lately, Prosper (PROS) and OMG Network (OMG) get their most-awaited break. Prosper (PROS) has recorded a 60% increase at press time, making it one of the market's biggest gainers for the day.

OMG has weakened from $6.26 to $1.59 since April 03, 2022, and the current price stands at $1.91. OMG remains in a bear market, but the current price level represents good value for what you pay, and maybe now could be a good time to invest in this cryptocurrency.