South Korea’s leading crypto exchange, Upbit, announced the delisting of the Bonk (BONK) meme coin today.

The news pulled the Solana (SOL)-based token to its lowest price since November 2023. BONK slipped to an intraday low of $0.00000255. It traded at $0.00000264 at press time, down nearly 7%.

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Why Upbit Is Removing BONK

Upbit said it will end support for the BONK/KRW and BONK/USDT pairs at 15:00 KST on September 7. All open orders on both pairs will be canceled when trading stops.

The exchange noted that its review identified multiple unresolved concerns. This led it to conclude that BONK no longer meets its listing standards. 

Upbit pointed to a security incident affecting the token, the cause of which remains unidentified or unremedied. It also cited the operators’ failure to disclose material information in a timely manner.

The decision follows a month-long review. Upbit designated BONK as a cautionary trading asset on July 7, after BONK DAO confirmed a $20 million governance attack on its treasury.

“Following further close review of the virtual asset, Upbit determined that the grounds for the cautionary designation had not been resolved, and decided to terminate trading support in accordance with its Cautionary Asset Designation and Trading Support Termination Policy,” the notice read (translated from Korean).

The security fallout has weighed heavily on BONK’s performance. The token missed the broader rally that lifted major assets in July, sliding 30.5% over the past month.

BONK is also lagging its own sector. Sector leaders Dogecoin (DOGE) and Shiba Inu (SHIB) posted single-digit monthly declines over the same period. BONK’s slide makes it one of the worst-performing large-cap meme coins.

The delisting also removes BONK from South Korea’s deepest retail liquidity pool. Traders will now watch whether other Korean exchanges follow Upbit’s lead in the coming weeks.

What Happens to BONK Holders Now

The exchange explained that holders can still withdraw BONK for 30 days after trading ends, until October 7. Upbit warned that deposits made after the delisting will not be credited to accounts.

The exchange added that mistaken transfers after the withdrawal window may take a long time to recover. It also said it will not support airdrops, wallet upgrades, or hard forks for the token going forward.

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Source: BeInCrypto