Upbit and Bithumb suspend Synthetix token deposits, citing sUSD risks

Key news points: Upbit and Bithumb suspended SNX deposits after a warning from DAXA for the risks caused by USD instability. SUSD's fall to $0.68 and the 26% collapse in SNX triggered alarms in Upbit and Bithumb, which triggered restrictions and warnings. Synthetix's founder demanded that the stackers adopt a new system to contain the sUSD crisis and warned about more severe measures. The main crypted exchanges in South Korea, Upbit and Bithumb,…

South Korean Exchanges Suspend SNX Token Amid Depeg Concerns - FinanceFeeds

South Korean exchanges Upbit and Bithumb suspended deposits for Synthetix’s SNX token after the Digital Asset Exchange Alliance (DAXA) flagged the asset for potential risk, according to announcements made on April 24. DAXA, a self-regulatory body comprising the country’s major crypto exchanges, designated SNX as a cautionary item—triggering immediate risk reviews that could result in delisting or continued monitoring. Upbit, the country’s larges…

CoinStats - South Korea's Leading Crypto Exchange Upbit W...

Upbit announced today that it has designated its Synthetix (SNX) token as an “investment alert asset,” citing rising volatility. Continue Reading: South Korea's Leading Crypto Exchange Upbit Warned Investors About This Altcoin! It Has Halted Deposits!

SNX Deposits Suspended by Upbit, Bithumb Amid sUSD Instability - CoinCodeCap

Key Takeaways Upbit clarified that this review affects the SNX/BTC pair in particular and that the observation period will continue through the end of May Following the deposit suspension announcement, the token dipped by another 5%  Two of South Korea’s leading digital asset exchanges, Upbit and Bithumb, have halted deposits of Synthetix’s token, SNX, following the asset’s designation as a trade warning commodity by the Digital Asset eXchange …

Pulling Up sUSD: Synthetix’s Peg Crisis

​Synthetix's stablecoin, sUSD, was initially launched as nUSD on June 11, 2018, under the Havven project. Later that year, the project rebranded to Synthetix, and nUSD was renamed sUSD.In 2020, Synthetix emerged as one of the key players in the decentralized finance (DeFi) boom. Built on Ethereum, it offered synthetic assets (“Synths”) that allowed users to gain exposure to various real-world assets without needing to hold the underlying asset. …

Upbit and Bithumb suspend Synthetix token deposits citing sUSD risks - WorldNL Magazine

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.DAXA, the self-regulatory organization establishing industry standards for South Korean exchanges, designated SNX as a cautionary item. Assets receiving this designation typically undergo rigorous evaluations to determine whether trading can continue or if delisting is …