The South Korean exchange of Upbit and Bithumb have suspended deposits for synthetix (SNX) token after it was characterised by the Digital Asset Exchange Alliance (DAXA) for potential risks.
Daxa, the self -regulation organization, which sets industry standards for South Korean stock exchanges, described Snx as caution.
Assets that receive this name are often subjected to strict reviews to find out whether trading can proceed or whether delistry is required.
The exchange can take measures, e.g. B. adding a warning model to the asset and the request to investors to make caution when entering the financial value. Trade platforms also can perform additional measures, e.g. B. blocking deposits or the temporary suspension of the trade support.
Uplitbit and Bithumb -Block -Snx deposits
In response to the name, the best exchange in South Korea announced that they’re blocking deposits for SNX token on their platforms.
Upbit announced that it added a trading warning ticker and the deposit of tokens. The stock exchange said that it monitored the developments related to the depegging of Synthetix USD (SUSD). It added that this event can damage investors by potential volatility, since SNX is used as a collateral for SUSD.
The stock exchange added that it had determined an absence of applications for the asset, which may cause investors to suffer losses. Upbit said it might perform a comprehensive review to choose whether the asset for the token will complete or resume normal operations.
Bithumb has also blocked deposits for SNX and added a warning day for the tokens. However, the exchange said that this decision may very well be canceled depending on the inner circumstances. If the explanation for the name is solved, Bithumb said that this is able to increase the restrictions.
Korbit and coinone also published investor notifications to dealers in front of the asset. The two stock exchanges have also added Snx token to warning tags to alert investors who will want to exchange them for the tokens.
CoinTelegraph turned to Synthetix to get a comment, but didn’t receive a solution from publication.
Susd tries to win back dollar PEG
On April 10, Susd StableCoin fell to a five-year low of $ 0.83 after fighting in the primary quarter of 2025 to take care of his dollar PEG. The stable coin was with the token to Terrad (VAT) through the local assets of the project, Cork protocol co-founder of Rob Schmitt. System.
On April 18, the StableCoin continued to fall to $ 0.68, with SNX fell by 26% over a period of 30 days. An artificial spokesman told CoinTelegraph that his team has short, medium and long-term plans to scale back the risks.
On April 21, Kain Warwick, founding father of Synthetix, threatened Snx Stakers with “The Stick” in the event that they didn’t record a newly launched staky mechanism to repair the Susd Depeg. The executive said they may put additional pressure on the stakers in the event that they didn’t see enough momentum on the newly implemented mechanism.
Since the warning, SUSD prices have increased by 27%. On April 24, the StableCoin reached 0.87 US dollars. However, the token still couldn't get his dollar PEG back.
