Upbit delists BONK memecoin following governance attack

The Solana-based memecoin BONK is facing significant downward pressure following the decision by Upbit, South Korea's largest cryptocurrency exchange, to delist the token. Upbit will terminate support for the BONK/KRW and BONK/USDT trading pairs, with all open orders scheduled for cancellation on September 7. Investors will be permitted to withdraw tokens until October 7.

The delisting follows a governance attack on the BonkDAO treasury that resulted in the loss of $20 million. Upbit cited ongoing concerns regarding security and transparency, noting that the project had not provided sufficient information or corrective measures following the exploit.

While the attack specifically targeted the community-controlled BonkDAO treasury rather than the core BONK operations, the price has reacted sharply. Analysts suggest the token faces continued bearish trends, with some predicting a further decline of 50% to 80% as it struggles to recover from its recent losses.