Upbit Delists BONK Amid Unresolved Security Issues
South Korean exchange Upbit is delisting the Solana meme coin BONK, effective September 7. This decision comes after a security incident involving BonkDAO's treasury, which lost an estimated $20 million to hackers.
The incident occurred when a harmful governance proposal was used to transfer 4.43 trillion BONK out of the treasury without any time lock. Upbit cited unresolved issues with the security breach as the reason for delisting BONK.
Meanwhile, rival exchange Bithumb has chosen not to delist BONK and instead removed its caution status on August 7 after claiming that the issues had been resolved.
BONK's price has increased by 6.1% over the past 24 hours, reaching $0.00000345 with a market cap of around $303 million, according to CoinMarketCap.