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BONK Upbit confirmed the removal of BONK, and the token price fell 8%
Upbit, South Korea's largest cryptocurrency exchange, confirmed that it would remove BONK from the Solana chain. Within an hour of the announcement, the BONK price fell 8%. The exchange pointed out that its decision was based on unresolved security incidents and insufficient information disclosure for the token.
Starting from September 7, trading of BONK/KRW and BONK/USDT trading pairs will be suspended at the same time. Users holding BONK on the platform will have to complete the withdrawal before October 7, and will no longer be able to access the token after that. [TAG
Despite the price drop, the announcement triggered a sharp rise in market activity. Within hours of the news, BONK's daily trading volume soared by 150%, and traders responded to the dynamic. [TAG
Typical of South Korea's regulatory tightening
Upbit's decision was not without warning. According to the project side, about $20 million of BONK tokens were withdrawn from BonkDAO's vault after a previous malicious governance proposal was passed. The stolen funds were traced to multiple exchanges, and Upbit immediately suspended BONK's recharge and withdrawal functions.
Earlier this year, South Korea's three major cryptocurrency exchanges-Upbit, Bithumb and Coinone-simultaneously placed BONK on the watch list for removal. Issues of general concern to all parties at the time included: project transparency, token allocation, and whether they complied with the relevant provisions of South Korea's Virtual Asset User Protection Law.
South Korean exchanges have historically maintained strict standards for listing tokens, often more stringent than other exchanges around the world. This stems from South Korea's unique regulatory environment and the high importance it attaches to investor protection after past market turmoil. Upbit's action on BONK is exactly the same as it has done with other tokens before. In early 2026, the exchange removed Loopring due to issues such as transparency, legitimacy and project sustainability.
The removal of BONK is undoubtedly a major setback for one of the most representative community tokens in the Solana ecosystem. Even after the attack, BONK remains the most well-developed memecoin in the Solana ecosystem, with more than 350 integrated projects, a continuous token destruction mechanism through BonkBot, and a letsBonk project launch platform. It remains to be seen whether the project can respond to Upbit's concerns before the September 7 deadline.
