$BONK Faces Delisting as Upbit Ends Trading Support

South Korean exchange Upbit is ending support for $BONK trading on September 7, making it one of two major exchanges to do so. In contrast, Bithumb still supports the Solana meme coin.

The move comes after a security incident at BonkDAO, a treasury managed by the community behind $BONK. According to Halborn, a blockchain security company, the attacker spent approximately $4.4 million to obtain majority voting rights and transferred 4.43 trillion $BONK out of the treasury.

The incident has led to concerns about investor protection and regulatory compliance. The DAXA's Best Practices for Listing Virtual Assets framework, which applies to both exchanges, looks at the reliability of issuers, safeguards, and regulatory compliance. Upbit argued that the grounds for its caution status “have not been resolved” while Bithumb claimed that the issues leading to the designation had been resolved.