Litecoin wallet has been disabled on the popular crypto currency stock exchange, Poloniex. This is the message that has been posted on Poloniex website.
LTC is currently under maintenance or experiencing wallet/network issues. Deposits and withdrawals will remain disabled until a solution is found, which may require an update from the LTC team. Any updates must be tested and audited before enabling.
Wallets of Zcash and Bytecoin were also disabled last week which acted as catalyst in reducing price of the respective crypto currencies.
Litecoin registered immense growth last week, crossing 50 dollars making LTC people’s choice during the bear market. We feel that disabling wallet will negatively impact its price since people will no longer be able to withdraw or deposit their litecoins on world’s second largest cryptocurrency exchange.
Litecoin’s twitter account has not posted anything about it. We keep you update on this. In the meantime, do not send anything to your Poloniex Litecoin wallet.
People mining litecoin should immediately make appropriate changes in their payout address if they are mining to Poloniex’s wallet. If you have already sent money to Poloniex, you might have to contact their support. It normally takes 3-4 days for a reply from Poloniex which is quite long in fast-paced crypto world.
Update – the wallet is back up now. Amazing!