Upbit Delists Bonk Amid Unresolved Security Concerns

South Korea's largest crypto exchange Upbit has announced its decision to delist Bonk (BONK), citing unresolved security concerns and a failure to disclose material information in a timely manner. This comes after BONK DAO suffered a $20 million governance attack on its treasury, which triggered Upbit's cautionary designation on July 7.

The exchange cited an ongoing security incident as one of the reasons for delisting, with the root cause remaining unidentified and unremedied. This marks a significant development in the crypto space, as exchanges become increasingly stringent about which tokens they list.

BONK's price has taken a hit following the announcement, dropping to its lowest level in nearly three years, trading at $0.00000264 at press time and declining 30.5% over the past month.