Upbit Suspends SNX Deposits Amid sUSD Peg Concerns

South Korea’s leading crypto exchange Upbit announced that Synthetix (SNX) has been designated as an ‘investment alert asset’ by the Digital Asset eXchange Alliance (DAXA) due to sUSD’s ongoing failure to maintain its peg to the US dollar. The unstable performance of sUSD has led to heightened volatility in SNX, prompting Upbit to suspend all SNX deposits starting at 15:00 UT on April 24, 2025. The exchange stated that it will continue monitoring the situation and may take further actions, including a potential delisting, depending on future developments. Investors are advised to exercise caution and review their exposure to SNX and other related assets in light of the warnings and market instability.