Binance Just Killed Mask Network Crypto: MASK Price Plummets -38% After Delisting

Mask Network crypto drops after reported Binance delisting of MASKUSDT. Will panic selling force MASK even lower?

MASK, the token behind the Mask Network, is in free fall, shedding a massive 38% in the past day of trading. According to one analyst on X, the crash follows its delisting from Binance, where most trading occurred.

$MASK taken down by @binance
no one should cry about this one as they already posted on their X pic.twitter.com/boC0XdKLTd

— $0uL (@spetsnaz_3) April 1, 2025

Based on the daily average trading volume, Binance is the world’s largest and most liquid crypto exchange.

As such, the delisting is a massive blow for MASK.

MASKUSDT Sell-Off Triggers Mass Liquidation

On CoinMarketCap, the average daily trading volume for MASK surged by over 340% in 24 hours.

(Source)

The spike is mainly panic-driven, as traders face massive losses, delist from Binance, scramble for exits, and exacerbate the sell-off.

Hints of panic selling and liquidation could further drive MASK/USDT price action.

According to Coinglass, over $4.64 million in leveraged long positions were liquidated in 24 hours, most of which were on Binance.

(Source)

However, based on trading volume during the same period, trackers show increased activity building on Bitget.

Why Did Binance Delist MASK?

For now, the reason why Binance delisted MASK remains unclear.

Some link the drop to yesterday’s leverage changes on multiple meme coins, such as ACT and Tutorial, which led to double-digit declines.

Binance’s leverage changes hit $LEVER, $MASK, $ACT, and $DF hard. Automated trading systems adjusted at 10:30 UTC, April 1, 2025, triggering sell-offs. By 11:00 UTC, increased volume spread across exchanges, not just Binance.

Social media buzzed with confusion, speculating…

— Alva (@AlvaApp) April 2, 2025

However, given the critical role of Binance in MASK trading, the delisting will severely impact the token, shrinking its liquidity and worsening investor sentiment in the coming weeks.

When writing, nearly 16% of all trading occurred on Binance, where MASK was paired with the most liquid stablecoin, USDT.

Meanwhile, Upbit was also popular among South Korean traders, generating over 14% of all trading volume. Here, traders can swap MASK for KRW and vice versa.

Is There Hope For The Mask Network?

In late February, suspicious token flows from the founder, Suji Yan, raised concerns about the project’s transparency and financial integrity.

ALERTOur AI-powered system has detected suspicious transactions linked to @suji_yan, founder of @realMaskNetwork!

A suspicious address received nearly $4M in digital assets, including:
113 $ETH
923 $WETH
301 $ezETH
156 $weETH
90 $pufET
48.4K $MASK
50K… pic.twitter.com/G8iCUzjJFV

— Cyvers Alerts (@CyversAlerts) February 27, 2025

Yan claimed these withdrawals were likely from a hack and took place on her birthday.

I turned 29 yrs old today, 6 hours ago. Around 3 hours ago – one of my public wallet I carried on my phone was hacked and 4m$+ assets was stolen. All the stolen tx seems manual and span 11+ mins.

So either the private key was leaked same day as my birthday and hacker manual tsf… https://t.co/SkuIb2nrPf

— Suji Yan – Mask is BUIDLing (@suji_yan) February 27, 2025

Although MASKUSD prices stabilized after this alleged hack, the Mask Network’s road ahead remains challenging. It trails some of the best meme coins to buy in 2025.

Crucially, the token is in a precarious position.

(MASKUSDT)

MASK will likely continue sliding unless the team and market makers choose to plug in and stop the bleeding, allowing it to recover and even become one of the best cryptos to buy.

There is hope from a fundamental perspective.

With backing from Wintermute and Near Protocol, Analog is building the Omnichain Liquidity Hub. The team says this development aligns with its vision of being a portal to the new and open internet.

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