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Upbit and Bithumb suspend Synthetix token deposits, citing sUSD risks

South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix (SNX) tokens after it was flagged by the Digital Asset Exchange Alliance (DAXA) for potential risks.

DAXA, the self-regulatory organization establishing industry standards for South Korean exchanges, designated SNX as a cautionary item. 

Assets receiving this designation typically undergo rigorous evaluations to determine whether trading can continue or if delisting is necessary.

Exchanges may take action, such as adding a warning tag to the asset and urging investors to take caution when engaging with it. Trading platforms can also perform additional measures, like blocking deposits or suspending trading support temporarily. 

Upbit and Bithumb block SNX deposits

In response to the designation, the biggest exchanges in South Korea said they are blocking deposits for SNX tokens on their platforms. 

Upbit announced that it had added a trading caution ticker and suspended token deposits. The exchange said it had been monitoring the developments related to the Synthetix USD (sUSD) depegging. It added that this event may damage investors through potential volatility, as SNX is used as collateral for sUSD. 

The exchange added that it had determined a lack of use cases for the asset, which may cause investors to suffer losses. Upbit said it would conduct a comprehensive review to decide whether to delist the asset or resume normal operations for the token. 

Bithumb has also blocked deposits for SNX and added a cautionary tag for the token. However, the exchange said this decision could be overturned depending on internal circumstances. If the reason for the designation is resolved, Bithumb said it would lift the restrictions. 

Korbit and Coinone also published investor alerts to caution traders. The two exchanges added cautionary tags to SNX tokens to alert investors who may want to trade the token. 

Cointelegraph reached out to Synthetix for comment but did not get a response by publication. 

Related: South Korean crypto emerges from failed coup into crackdown season

sUSD struggles to recover dollar peg

On April 10, the sUSD stablecoin dropped to a five-year low of $0.83 after struggling to maintain its dollar peg in the first quarter of 2025. With the stablecoin being collateralized by the project’s native asset, Cork Protocol co-founder Rob Schmitt compared the token to Terra USD (UST), which collapsed in 2022. However, Schmitt said that sUSD has a “more manageable” debt system. 

On April 18, the stablecoin dipped further to $0.68, with SNX falling by 26% in a 30-day period. A Synthetix spokesperson told Cointelegraph that their team has short, medium and long-term plans to mitigate the risks. 

On April 21, Synthetix founder Kain Warwick threatened SNX stakers with “the stick” if they didn’t take up a newly launched staking mechanism to fix the sUSD depeg. The executive said they may put extra pressure on stakers if they don’t see enough momentum on the newly implemented mechanism. 

Since the warning, sUSD prices increased by 27%. On April 24, the stablecoin briefly reached $0.87. However, the token has still failed to recover its dollar peg. 

Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express

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Investigation ties 100,000 BTC Hyperliquid whale to former BitForex CEO

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Investigation ties 100,000 BTC Hyperliquid whale to former BitForex CEO

Investigation ties 100,000 BTC Hyperliquid whale to former BitForex CEO

An investigation has tied the Hyperliquid whale controlling over 100,000 BTC to Garrett Jin, the ex-BitForex CEO whose exchange collapsed amid fraud probes.

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Plaid Cymru leader was ‘turned down’ for meeting with PM, he claims

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Plaid Cymru leader was 'turned down' for meeting with PM, he claims

Calls for a meeting with Prime Minister Sir Keir Starmer have been snubbed by No 10, the leader of Plaid Cymru has told Sky News.

Rhun ap Iorwerth, who has served as leader of the Welsh nationalist party since June 2023, is looking likely to become Wales’s first minister next May, but when he asked to meet with Sir Keir after his election last year, he says he was turned down.

Speaking with Sky News’ political correspondent Liz Bates, Mr ap Iorwerth said he had “never” had a conversation with the prime minister but it was “not because I haven’t tried”.

He added: “When I contacted the prime minister to ask for a meeting, after his election last year, I was turned down and it was passed on to the Secretary of State for Wales.

“People can read into that what they want.

“I’ve spoken very openly about wanting to have a constructive relationship with the UK prime minister.”

The former journalist said in his reporting days he had not interviewed Sir Keir and now, in politics, their “paths had never crossed” but he said he felt it was “important”.

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“I have certainly asked if we could meet. And that is certainly something that I would still love to happen,” he said.

Mr ap Iorwerth said a conversation would be key because if he became Welsh first minister, there would be “serious negotiations on serious issues around funding for Wales – on investing in infrastructure in Wales, on the future of how we’re able to influence and use our natural resources in Wales”.

“So I want to have that constructive relationship,” he said.

In an apparent nod to current Labour first minister Eluned Morgan, Mr ap Iorwerth said Sir Keir would be in “no doubt” that his loyalty “would always be to the people of Wales”.

He said: “I won’t be pulling my punches in order to save the Labour Party embarrassment.

“I’ll be really laying out what’s in the interest of Wales. And that’s, I think, a fundamentally different relationship. But it has to be, and I want it to be, a constructive one.”

The next Senedd election is May 2026, when voters in Wales will elect 96 members for the first time – an increase of more than 50% from the current 60.

Welsh politics has traditionally been dominated by Labour.

Labour’s grip on Wales sliding?

Welsh Labour MPs have been the largest group sent to Westminster in every general election since 1922 – and the party has been in government in the country for more than a quarter of a century.

But if the polls are accurate, Labour’s long-standing grip on politics in Wales is fading.

Plaid Cymru and Reform UK are running almost neck and neck, while Labour trails significantly.

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Rhun ap Iorwerth: Is the man on the brink of power in Wales ready to govern?

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Rhun ap Iorwerth: Is the man on the brink of power in Wales ready to govern?

Politics has always been unforgiving, but never more so than now.

So, speaking to the man who is on the brink of power in Wales, raises the question of whether he is really ready for what’s he’s taking on.

Plaid Cymru leader Rhun ap Iorwerth is a former journalist so he knows how to present himself, but much bigger challenges are coming, and fast.

At next May’s Senedd elections, he is narrowly on course to become first minister, according to current polls.

Mr ap Iorwerth visits local businesses on Ystrad Mynach high street. Pic: PA
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Mr ap Iorwerth visits local businesses on Ystrad Mynach high street. Pic: PA

But before that he faces the same battle as leaders across the UK – how to beat Reform, who are running his party very close.

It’s not clear he has a different strategy to any other politician, as he condemns their politics as divisive and tries instead to present a positive vision of unity and more public spending.

Maybe he has a better chance than most though as he can at least point the finger of blame firmly elsewhere – Westminster.

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That leads to his second big problem of how to get anything from a Labour prime minister when you lead an opposition party.

In his conference speech he criticised Welsh Labour leader Eluned Morgan for being unable to influence Sir Keir Starmer.

But Mr ap Iorwerth later revealed to Sky News that he’s never even spoken to the prime minister, and when a meeting was requested he was offered the Secretary of State for Wales instead.

If he does become first minister he will have to walk the difficult line of fostering a privately productive relationship while still criticising in public.

Looming over all of this is the question of Welsh independence.

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It has been the party’s driving force for a century but it’s now been shelved for at least one term in office.

Mr ap Iorwerth says it’s because they need to lay the groundwork, have a consultation on the process and bring the public with them.

The truth is that the Welsh economy is so reliant on the rest of the UK that separation would be difficult, to say the least.

Figuring out how to keep pursuing their core purpose while acknowledging that reality could become corrosive.

Having said all that, he has a sense of momentum and purpose that many other politicians are lacking, driven by a strong sense of Welsh identity.

If he does get over the line in May, it will be this feeling that propels him, and he will need to draw on it again and again as he faces the tough times ahead.

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