Upbit will end trading support for Storj (STORJ), JasmyCoin (JASMY) and ThunderCore (TT) on September 14 at 3 p.m. KST, removing six trading pairs from the exchange. The delisting notices were published Friday afternoon in Seoul, with Upbit citing disclosure failures and business viability concerns for two of the tokens and supply and business plan issues for the third.
Why the exchange pulled the tokens
Upbit first flagged STORJ as an asset subject to investment caution on July 28, then added JASMY and TT on July 31. For STORJ and JASMY, the exchange pointed to shortcomings in the disclosure of important information, plus questions about the reality, sustainability and progress of their businesses. For ThunderCore, Upbit said it examined total supply, circulation plans and changes to the business plan, including transparency and reasonableness.
Upbit confirmed these issues could potentially result in losses for users. The exchange will stop trading for STORJ/KRW, STORJ/BTC, JASMY/BTC, JASMY/USDT, TT/KRW and TT/BTC. All pending buy and sell orders will be canceled when trading support ends.
The tokens' recent troubles
Storj Labs, the company behind STORJ, filed for Chapter 11 bankruptcy last month. It intends to propose a mechanism for token holders to participate in the equity of a restructured business, subject to court approval and creditor priority. STORJ's market cap sits around $19 million, down about 40% over the past 30 days.
ThunderCore has been hit harder. Its market value is near $1.9 million after a 24-hour drop of more than 57% and a 30-day decline of nearly 80%. JASMY is the largest of the three, ranking around 162nd with a market value of $195 million, down 3.6% over the past month.
After the delisting announcement, TT fell 6.62%, JASMY dropped 5.25% and STORJ was down 1.98%.
What happens next
Withdrawals will be supported for 30 days through October 14. After the announcement, Upbit will no longer support airdrops, wallet upgrades or hard forks for these assets. The exchange previously decided to remove BONK effective September 7, so this latest move continues a broader cleanup of tokens it considers risky.
For STORJ holders, the bankruptcy court process will determine whether they get any equity in a restructured Storj Labs. For JASMY and TT, the delisting leaves them with fewer major exchange venues. The withdrawal window closes on October 14, and that's the hard deadline for anyone holding these tokens on Upbit.
