Upbit and Bithumb suspend Synthetix token deposits citing sUSD risks

Quick Summary:

The two exchanges also added cautionary tags to SNX tokens to alert investors who may want to trade the tokens. Cointelegraph reached out to Synthetix for comment but did not get a response by publication. Related: South Korean crypto emerges from failed coup into crackdown seasonsUSD struggles to recover dollar pegOn April 10, the sUSD stablecoin dropped to a five-year low of $0.83 after struggling to maintain its dollar peg in the first quarter of 2025.

Trading platforms can also perform additional measures, like blocking deposits or suspending trading support temporarily. Upbit and Bithumb block SNX depositsIn response to the designation, the biggest exchanges in South Korea announced that they are blocking deposits for SNX tokens on their platforms. Upbit announced that it added a trading caution ticker and suspended token deposits.

South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix (SNX) tokens after it was flagged by the Digital Asset Exchange Alliance (DAXA) for potential risks.

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Article Details

Author / Journalist: Cointelegraph by Ezra Reguerra

Category: Crypto

Markets: United StatesSouth Korea

Topics: Trading Tokens Exchanges Synthetix Exchange Added Susd Asset Stablecoin South Deposits

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-24 @ 11:18:56 (19 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 530 words

Reading Time: 3 minutes read

Sentences: 29 lines

Sentence Length: 19 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28188138

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