Upbit Delists BONK Citing Unresolved Security Issues
BONK, the Solana-based meme token, has hit a near three-year low after South Korea's largest cryptocurrency exchange, Upbit, announced it will delist the asset in September. The decision follows a month-long review that began on July 7, when Upbit flagged BONK as a cautionary asset due to unresolved security and disclosure failures.
The exchange cited a security incident affecting the token whose cause remains unidentified or unremedied, as well as the project's operators for failing to disclose material information in a timely manner. This has left Upbit with little room to keep the coin listed under its internal standards.
BONK's market performance has already suffered significantly due to the security overhang. The token slid 30.5% over the past month, making it one of the worst-performing large-cap meme coins in the current cycle. In comparison, sector leaders Dogecoin and Shiba Inu posted only single-digit monthly declines.
The delisting strips BONK of access to South Korea's deepest retail liquidity pool, a market that has historically amplified meme-coin trading volumes. Traders are now watching whether other domestic exchanges will follow Upbit's lead in the coming weeks.