Upbit Delists Bonk Amid Unresolved Security Concerns and Disclosure Issues

The Solana-based meme token Bonk (BONK) has hit its lowest price in nearly three years after Upbit announced it will delist the asset on September 7. The decision comes after a review identified unresolved security concerns and the operators' failure to disclose material information.

BONK's price plummeted to an intraday low of $0.00000255, down 30.5% over the past month. This makes it one of the worst-performing large-cap meme coins, lagging behind sector leaders Dogecoin (DOGE) and Shiba Inu (SHIB). The delisting removes BONK from South Korea's deepest retail liquidity pool, weighing on adoption and price prospects.

Upbit cited a security incident affecting the token, which remains unidentified or unremedied, as well as the operators' failure to disclose material information. The exchange will end support for the BONK/KRW and BONK/USDT pairs at 15:00 KST on September 7, allowing holders to withdraw their assets until October 7.