South Korea's Upbit Exchange Delists Bonk Over User Protection Concerns

South Korea's Upbit exchange has announced it will delist Bonk (BONK) due to user protection risks. The decision follows a review of the meme coin under Upbit's 'Digital Asset Trading Support Termination Policy'. Several incidents and shortcomings were identified, including unexplained security breaches such as hacking, which remain unresolved.

The exchange cited concerns over the digital asset's wallet and distribution ledger used to issue and store BONK. Despite being flagged as a cautionary trading item on July 7, these issues were not resolved according to Upbit's termination policy.

Investors will no longer be able to trade BONK on Upbit starting Monday, but withdrawals will be supported until October 7. Deposits have been suspended, and investors are advised against sending funds to the platform.