Bithumb listing stokes risk as Pybobo burn claim unravels in South Korea

As domestic virtual asset exchange Bithumb listed the "Pybobo (PYBOBO)" coin recently, concerns are growing over potential investor losses. The Pybobo foundation had pledged to "permanently delete (burn)" the large batch of tokens it issued in the past, but it turned out that all the tokens are still stored in a wallet that can be accessed at any time. According to the virtual asset industry on the 26th, Bithumb has supported Pybobo transactions since the 21st of this month. The coin price, which initially rose to 1.2 won per coin at listing, is now around 0.7 won, down more than 40%. The per-coin price is under 1 won, but more than 50 billion won is being transacted per day, driven by a zero-fee promotion and a prize event.