Upbit, South Korea's largest cryptocurrency exchange, will end trading support for Bonk (BONK) on September 7 at 3:00 p.m. KST, citing unresolved security incidents and insufficient disclosure of material information about the project. The move affects the BONK/KRW and BONK/USDT pairs, and withdrawals will follow the exchange's standard post-delisting window.
The decision caps a rocky stretch for the Solana-based memecoin. BonkDAO, the token's governance structure, suffered an attack in early July 2026 when a malicious governance proposal drained roughly $20 million worth of BONK from its treasury, triggering a roughly 9% price decline and prompting Upbit to temporarily suspend BONK deposits and withdrawals at the time.
A watchlist token since early 2025
BONK's relationship with Korean exchanges had already been strained well before the governance attack. Upbit, alongside rivals Bithumb and Coinone, placed BONK on a joint delisting watchlist as far back as March 2025, citing insufficient disclosure of key project information and a high concentration of token supply among a small number of wallets — the same categories of concern the exchange cited in Thursday's delisting notice.
Related: Japan's FSA Pushes Crypto Exchanges to Add Withdrawal Delays
Part of a broader security reckoning
The delisting lands amid heightened regulatory attention to exchange-level fraud and security controls across Asia. Japan's FSA has separately pushed local exchanges to adopt withdrawal delays and address pre-registration to curb scam-related fund flows, part of a wider regional trend of exchanges tightening scrutiny on tokens with governance or disclosure red flags rather than waiting for a catastrophic loss event to force their hand.
