Binance Suspends TROY Deposits on BSC Network, Price Drops 43%
Binance, the largest cryptocurrency exchange by daily trading volume with over 250 million registered users, has suspended TROY deposits on the BSC network due to potential security risks. This decision was made on January 2, 2025, following concerns regarding the verification of collateral for minted tokens on the BSC network.
Binance stated that the TROY team has not provided adequate clarification about the issue. The exchange may resume TROY deposits if the BEP20 smart contract is validated as safe. Deposits and withdrawals of TROY on the Ethereum (ETH) network remain unaffected, allowing the 1,794 TROY holders on the BSC chain to transfer their assets to the ERC20 version.
Market Impact on the TROY Ecosystem
Following Binance's announcement, the price of TROY dropped over 43 percent in 24 hours, trading around $0.00436 on January 3. The small-cap altcoin, with a fully diluted valuation of approximately $43 million, saw a significant increase in daily traded volume exceeding 558 million, resulting in a volume-to-market cap ratio of about 1460 percent.
The TROY team responded on X, refuting rumors of project sales and confirming they are pursuing the acquisition of another AI project to support growth amid increasing digital asset adoption.
Dear TROY users and investors,
The rumors circulating in the market about TROY being acquired are inauthentic and not supported by any evidence.
Currently, TROY is in the process of acquiring another AI Agent project. The acquisition is still ongoing.
— TROY AI(The Pure Joy of AI) (@TROY_DAO) January 3, 2025
The TROY project integrates artificial intelligence with community-driven meme tokenomics, utilizing the TROY token to connect NFT and GamiFi elements within the Troy Play. The suspension of deposits on Binance is expected to negatively impact the token’s liquidity. Additionally, operating costs for the BEP20 version are lower than those for the ERC20 version.
The TROY team continues development on the TROY War game in collaboration with AgenLayer, a decentralized autonomous AI agent network. They are also backing an AI grant program with $10 million for innovative projects. Supported by Signum Capital, AlphaCoin Fund, and Neo Global Capital, the TROY team aims to build impactful AI-backed Web3 projects.