Upbit Delists BONK Amid User Protection Concerns

South Korea's leading crypto exchange Upbit has announced it will delist BONK from its tradable asset list, citing user protection risks. The decision follows a review of BONK under Upbit's Digital Asset Trading Support Termination Policy, which flagged several shortcomings and the risk of user harm. According to Upbit, its evaluation revealed unexplained security breaches such as hacking and unresolved issues with BONK's wallet and distribution ledger.

BONK has been trading at $0.00000318 on Monday, down over 7% on the day due to a broader cryptocurrency market correction. The meme coin is now poised to test its short-term support at $0.00000300. Upbit will remove BONK from its tradable asset list, including the trading pairs BONK/KRW and BONK/USDT, but withdrawals will be supported until October 7.

In addition to delisting BONK, Upbit has designated Mantra (MANTRA) and related pairs as a cautionary trading item, temporarily suspending deposits and withdrawals. This decision is aimed at protecting users from potential risks associated with these assets.