The main exchanges of South Korean crypto Upbit and Bithumb suspended the deposits for Synthetix (SNX) following a predigence alert issued by Digital Asset Exchange Alliance (Daxa).
DAXA, a self-regulation organization responsible for establishing industry standards through South Korean exchanges, has appointed SNX as an asset requiring prudence of investors.
Such a classification generally triggers an in -depth examination, with common responses, in particular the marking of assets with warnings, the stopping of deposits or the suspension of exchanges to protect investors from increased volatility.
Upbit SNX flags with warning label and suspends the deposits
In a note, Upbit announced that he had placed a warning label on SNX and tokens deposits temporarily blocked.
The exchange has cited concerns concerning the recent release of the stablecoin of Synthetix, SUSD, noting that the SNX – used as guarantee for SUSD – could expose investors at significant risks.
Upbit also underlined a perceived lack of clear use cases for SNX, declaring that it would carry out a complete evaluation before deciding a possible radiation.
Bithumb followed the plunge, suspended the SNX deposits and emitting a similar warning. However, the exchange said that the restrictions could be lifted if the underlying problems were solved.
Other important South Korean platforms, including Korbit and Coinone, have also issued investor alerts, adding revision labels to SNX, but not to suspend deposits or exchanges.
Increased control intervened after SUSD, the Synthetix stablecoin, fell sharply below its dollar ankle.
On April 10, SUSD fell to $ 0.83 – the lowest level in five years – before diving more $ 0.68 on April 18. SNX, the native token of the Synthetix protocol, has since decreased by 26% in the last month.
The founder of Synthetix, Kain Warwick, recently urged SNX stakers to adopt a new implementation mechanism aimed at stabilizing the SUDD, warning potential penalties if the participation remained low.
The Susd 420 swimming pool, presented on April 18, offers stakers a share of 5 million SNX tokens over a period of 12 months if they lock their SUSD in the swimming pool for a full year.
Despite these efforts, Susd only partially resorted, reaching $ 0.87 on April 24 but still not taking over his ankle.
Stablecoin depends remain a recurring challenge
Depegs in the space of Stablecoin are not uncommon. The USDC briefly lost its ankle in March 2023 after Circle revealed that $ 3.3 billion in reserves were stuck with the Silicon Valley Bank collapsed.
Likewise, Trueusd (Tusd) fell below $ 1 earlier this year in the middle of a wave of buyouts.
Despite the challenges, the Stablescoin sector increased regularly, total market capitalization exceeding $ 200 billion in 2025 and the volume of transactions reaching 27.6 billions of dollars, developing the combined annual volume of visa and mastercard.
In March, the president of the Federal Reserve Jerome Powell confirmed the support of the Central Bank to develop a regulatory framework around Stablecoins during a hearing in the Senate.
Powell said the federal reserve supports the creation of a regulatory framework for stablecoins, noting the importance of protecting consumers and savers.
The South Korean post exchange of the Upbit, Bithumb SNX Deposits after Daxa warning appeared first on Cryptonews.
