Upbit Ditches BONK as Bithumb Keeps Trading Caution Status
South Korean cryptocurrency exchange Upbit has delisted BONK, effective September 7. The decision comes after Bithumb, another major South Korean exchange, lifted its trading caution on the meme coin.
The incident that led to the caution status involved a security breach of BonkDAO's treasury, resulting in losses estimated at $20 million. Halborn, a blockchain security company, found that the hacker used a governance proposal to transfer 4.43 trillion BONK out of the treasury.
Upbit cited unresolved issues with the incident as the reason for delisting BONK, while Bithumb claimed that the problems had been resolved and lifted its caution status on August 7. The discrepancy in decisions by the two exchanges is due to their differing assessments of the situation.
BONK's price has increased by 6.1% over the past 24 hours, with a market cap of $303 million. While Upbit's delisting may impact liquidity and sentiment, the token will remain available on other exchanges such as Binance, Coinbase, Bybit, Kraken, and Solana-based decentralized exchanges.