South Korea exchanges are upbit and Bithumb have suspended deposits for Synthetix (SNX) tokens after it has been abolished by the Digital Asset Exchange Alliance (DAXA) for potential risks.
Daxa, the self -regulation organization that establishes industry standards for South Korean exchanges, assigned SNX as a careful item.
Assets that receive this assignment usually undergo a strict evaluation to determine if the trading may continue or if removal is required.
The exchanges can take action, such as adding a warning tag in possession and encouraging investors to be careful when interacting with it. Trade platforms can also take additional steps, such as blocking deposits or suspending trading support temporarily.
Upbit and bithumb block snx deposit
In response to the assignment, the largest exchange in South Korea said they were blocking deposits for SNX tokens on their platforms.
Upbit announced That it added a trade caution ticker and token deposits were suspended. The exchange says it monitors developments related to the removal of Synthetix USD (SUSD). It added that this event could harm investors through potential volatility, as SNX is used as collateral for SUSD.
The exchange added that it determined a lack of use cases for possession, which could cause investors to suffer losses. Upbit said it would conduct a comprehensive review to decide whether to remove the asset or to continue normal operation for the token.
BITHUMB is also there Na -block Deposits for SNX and added a cautionary tag for the token. However, the exchange states that this decision may relieve depending on the internal circumstances. If the reason for the assignment is resolved, Bithumb says it will lift the restrictions.
Korbit and Coinone also published investors alerts to careful businessmen. The two exchanges added Caution tags to the SNX token to alert investors who could exchange the token.
Cointelegraph reached Synthetix for commenting but did not get a response by publication.
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Susd struggles to recover the dollar peg
On April 10, the SUSD Stablecoin Falling in a five -year Low $ 0.83 after struggling to maintain its dollar peg in the first quarter of 2025. With Stablecoin collateralized by the project’s native asset, cork protocol co-founder Rob Schmitt compared the token to Terra USD (UST), which collapsed in 2022. However, Schmitt said that Schmitt had said the sus managed “debt system.
On April 18, the stablecoin Sink further to $ 0.68In the SNX collapse of 26% in a 30-day period. A Synthetix spokesman told Cointelegraph that their team had short, moderate and long -term plans to reduce risks.
On April 21, Synthetix founder Warwick threatening SNX staker With “The Stick” if they have not taken a newly launched staking mechanism to fix SUSD Deg. The executive said they could put excess pressure on the stakers if they did not see enough momentum in the newly implemented mechanism.
Because of the warning, SUSD prices increased by 27%. On April 24, Stablecoin could easily reach $ 0.87. However, the token still failed to recover its dollar peg.
https://www.youtube.com/watch?v=HB0z1TI8uys
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