The algorithmic stablecoin Neutrino USD (USDN) has lost parity against the US dollar. Association of South Korean Cryptocurrency Exchanges Digital Asset eXchange Alliance (DAXA) released warning to investors about possible risks.
DAXA has been founded market leaders are Bithumb, Coinone, Korbit, Gopax and Upbit.
“We hereby announce that Waves (WAVES) has been marked with the DAXA investment warning. [Ассоциация] may jointly take measures such as a call for caution, an investment warning and the withdrawal of market support to protect users,” DAXA said in a statement.
The organization also emphasized that the WAVES cryptocurrency is used as collateral for USDN. Algostablecoin lost parity against the US dollar at the end of August and still will not be able to restore the peg.
Now the asset is trading near $0.86.
The final decision on the potential stop of trading in WAVES/KRW and WAVES/BTC pairs will be announced by Upbit within two weeks after the publication of the warning. The company added that this period may be extended.
Over the past 24 hours, WAVES quotes have fallen by 12%. At the time of writing, the asset is trading near $2.
