XRP: Crypto Exchange Bitrue Shares Important Update for XRP Holders

Singapore-based crypto exchange Bitrue has shared an important update for XRP holders.

In a tweet, Bitrue announced that Xahau’s XAH Mint Event has concluded. Prioritizing the interests of its users, Bitrue says it has refunded all locked XRP to users’ accounts. Xahau, XRP Ledger’s first protocol sidechain, launched last week.

The Xahau $XAH Mint Event has concluded. At Bitrue, we always prioritize the interests of our users, therefore, we have refunded all locked $XRP to users’ accounts.

We sincerely appreciate your participation in this event. If you have any questions, please contact our support… pic.twitter.com/hNrIxqHT5a

— Bitrue (@BitrueOfficial) November 6, 2023

To support the newly launched protocol, Bitrue initiated a seven-day Mint channel, wherein users would burn XRP on Bitrue to mint an equivalent amount of XAH on Xahau.

According to Bitrue’s statement, users will be able to take part in the XAH mint event by locking their XRP, and at the end of the event, the XRP locked by users will be extracted for burning on the mainnet, and the matching amount of XAH will be distributed.

The announcement drew varied responses from the XRP community, with many wondering what the fate of XRP tokens locked during the event would be.

Bitrue later clarified that when users mint their XRP tokens for XAH tokens, they will be permanently burned, as this mint process cannot be reversed.

Bitrue’s XAH mint will be done 1:1 per the XRP burned. Then, a seeming challenge appeared, given the disparity in the prices of both tokens.

This made some members of the XRP community critical of the mint event. Bill Morgan, a legal attorney and XRP enthusiast, drew attention to the price disparity in a Nov. 2 tweet.

However, Bitrue notes in its most recent update that it has decided to refund all locked XRP to users’ accounts, making a U-turn on its prior update of burning XRP tokens. At press time, no further information was available on the status of the minted XAH tokens.

Trading for XAH, the Xahau network’s native crypto asset, began in the last week after it was listed on the Bitrue crypto exchange.

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