Connect with us

Published

on

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

Continue Reading

Politics

Man charged with stalking after allegedly targeting Lib Dem leader Sir Ed Davey and his family

Published

on

By

Man charged with stalking after allegedly targeting Lib Dem leader Sir Ed Davey and his family

A man has been charged with stalking and possession of a flick knife after allegedly targeting Lib Dem leader Sir Ed Davey and his family.

Inigo Rowland, 58, of Surbiton, south London, was arrested last Monday, but it was only made public on Sunday.

He appeared at Wimbledon Magistrates’ Court on Tuesday and was remanded in custody, the Met Police said.

The offences are alleged to have taken place between June and October.

Sir Ed, the MP for Kingston and Surbiton, lives in southwest London with his wife, Emily, their 17-year-old son John, and his younger sister Ellie.

A spokesperson for the Met Police said: “Inigo Rowland, 58, of Surbiton has been charged with stalking and possession of a flick knife.

“He appeared at Wimbledon Magistrates’ Court on Tuesday, 7 October and was remanded into custody. He will next appear at the same court on Tuesday, 14 October.

More on Liberal Democrats

“He was arrested on Monday, 6 October in relation to the offences, which are alleged to have taken place between June and October.”

A Lib Dem spokesperson said: “We cannot provide any details at this time, Ed’s number one priority is the safety of his family.”

Continue Reading

Politics

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

Published

on

By

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.

Continue Reading

Politics

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

Published

on

By

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”.

More on Eluned Morgan

“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.

Continue Reading

Trending