Upbit removes BONK, and token prices fall to lowest point since 2023

TLDR：

Contents

TLDR:

Upbit removes BONK due to security and information disclosure review

Upbit removes BONK, and holders need to withdraw before October 7.

Due to unresolved security and information disclosure issues, Upbit will stop BONK/KRW and BONK/USDT trading pairs on September 7.

BONK withdrawal service will last until October 7, and users still have 30 days to transfer tokens to other platforms after the transaction ends.

announcement, BONK fell 4.8% to hit US$0.0000255, the lowest offer since November 2023.

BONK has fallen 30.5% in the past month, and after the latest round of declines, its price is down about 95.4% from its historical high of US$0.00005825 in November 2024.

South Korean exchange Upbit will remove Bonk from its spot market on September 7 after a month-long review by the exchange. The removal involves BONK/KRW and BONK/USDT trading pairs, which will close the main entrance to the Korean retail market. Upbit pointed out that the project has unresolved safety hazards and insufficient disclosure of major information.

BONK prices responded quickly, falling 4.8% to approximately US$0.00002667 after the announcement. The token then hit $0.0000255, the lowest level since November 2023.

BONK also fell 30.5% in the past month, underperforming many mainstream meme coins during the same period.

Upbit removes BONK due to security and information disclosure review

Upbit said that transaction support will stop at 15:00 on September 7, South Korea time. At the end of the trade, the exchange will cancel all outstanding orders in the affected markets. The decision was made after about a month of review after BONK was included in the warning item on July 7.

Upbit will remove BONK on September 7

Upbit, South Korea's largest cryptocurrency exchange, will remove Bonk (BONK) on September 7, involving BONK/KRW and BONK/USDT trading pairs. Upbit said the reasons were unresolved security incidents and insufficient disclosure of significant information. BONK withdrawal... pic.twitter.com/Z2YugwzkmC-- Wu Blockchain (@WuBlockchain) August 7, 2026

The core reason for Upbit's removal of BONK is that the exchange believes that relevant concerns have not been resolved during the review period. Upbit mentioned a security incident whose root cause was not identified or properly addressed. At the same time, the exchange also noted delays in disclosing information that could have a significant impact on traders and token holders.

The review followed a $20 million governance attack in the BONK DAO vault. Upbit said the issues on which it was previously included in the warning program had not been fully corrected. Therefore, the exchange decided to terminate the transaction in accordance with its asset review and transaction support policies.

The move also means BONK will withdraw from one of South Korea's largest retail trading platforms. This could lead to reduced local liquidity after September 7, especially for traders who rely on the won denominated market. However, the decision did not immediately prevent holders from transferring tokens to other platforms.

Before the final announcement, BONK price weakness was already evident. The meme coin has fallen 30.5% in the past month. During the same period, the monthly declines of Dog Coin and Shiba Inu Coin were only single digits. This made BONK one of the weaker large-scale meme coins in the recent market rebound.

Upbit removes BONK. Holders need to withdraw from

The BONK withdrawal service will last until October 7, and users still have 30 days after transaction support ends. Holders can transfer tokens to other exchanges or external wallets that support the currency before this deadline.

Upbit warned that deposits after removal from shelves will not be credited to user accounts.

Upbit's removal of BONK will also change the way the exchange handles related token services in the future. Upbit said it will no longer support BONK airdrops, wallet upgrades or hard forks after transaction support ends. Users who mistakenly send tokens after the withdrawal window may also face a lengthy recovery process.

BONK's price trend shows how sharply the token has fallen from its 2024 high. BONK reached an all-time high of approximately US$0.0005825 in November 2024. Based on the current value of approximately US$0.00002667, the token price is down approximately 95.4% from its historical high.

BONK Price

Upbit's removal of BONK may also prompt the market to turn its attention to other Korean exchanges that still support the token. Any similar listing review could affect domestic accessibility and liquidity. Currently, Upbit users can trade BONK before September 7 and withdraw cash before October 7.

This schedule provides holders with a clear transition period, but also separates transactions from withdrawals. The window for sale on Upbit will be closed first, and the transfer function will be open for another month. This difference is critical for users who plan to keep BONK rather than redeem it before the local market closes.

As holders adjust their positions, the final weeks before the trading deadline may bring higher turnover rates. After trading support ends, all outstanding orders will be cancelled. Therefore, traders who plan to keep BONK must arrange withdrawals before Upbit closes the remaining withdrawal windows.