Upbit, South Korea's largest crypto exchange, will pull Bonk (BONK) from trading later this week, sending the meme coin to its lowest price since November 2023. The delisting follows a $20 million governance attack on BONK's treasury and what the exchange called unresolved concerns about security and disclosure.
Why the delisting was issued
Upbit said it decided to end support for 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 cited a security incident and failure to disclose material information as the reasons, though it didn't offer more detail.
The trouble traces back to July 7, when Upbit first designated BONK as a cautionary trading asset. That same day, BONK DAO confirmed a $20 million governance attack on its treasury. The move put BONK on a watchlist, but the warning didn't stop the slide.
The price fallout
BONK hit an intraday low of $0.00000255, its weakest point since November 2023. At press time it traded at $0.00000264, down nearly 7% on the day.
The delisting news lands after a rough month for the token. BONK missed the broader rally that lifted many cryptos in July, sliding 30.5% over the past 30 days. For comparison, Dogecoin and Shiba Inu posted only single-digit monthly declines in the same period. That leaves BONK as one of the worst-performing large-cap meme coins.
What holders need to know
After trading ends, BONK holders get 30 days to withdraw their tokens from Upbit. That window closes on October 7. Deposits made after the delisting will not be credited to accounts, and Upbit will not support airdrops, wallet upgrades, or hard forks for BONK.
The delisting removes BONK from South Korea's deepest retail liquidity pool, a significant blow for a token that relies heavily on retail speculation. With trading gone, the remaining question is whether BONK can hold its ground elsewhere. The token still trades on other exchanges, but losing Upbit's order books could add fresh pressure.
