Bonk Price Drops as Upbit Announces Delisting

Upbit, the leading cryptocurrency exchange in South Korea, plans to remove Bonk from its platform on September 7. The exchange will shut down trading for BONK pairs at 15:00 KST, canceling all open orders at that time. This decision follows a month long review where the exchange determined the asset no longer meets its listing requirements.

The exchange highlighted unresolved security concerns and a lack of clear communication from the token operators as primary reasons for the delisting. These issues stem from a governance attack on the Bonk treasury that occurred earlier this summer. Because the project failed to resolve these internal risks, Upbit decided to pull support to protect its users.

Following the announcement, the price of BONK dropped to its lowest point since November 2023. The token is down nearly 7 percent today and has struggled throughout the month, significantly underperforming other meme coins like Dogecoin and Shiba Inu. Traders are now watching to see if other South Korean exchanges decide to follow the same path.

If you hold BONK on Upbit, you have until October 7 to withdraw your tokens to an external wallet. After this date, the exchange will no longer support withdrawals. It is important to move your funds before the deadline, as any deposits made after the delisting will not be credited to your account.