Upbit Suspends SNX Deposits Amid sUSD Peg Concerns
Apr 24, 2025, 2:01 p.m.
5 sources
negative
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.
The news is expected to exert downward pressure on SNX’s price in the short term. The suspension of deposits by Upbit, a major exchange, combined with DAXA’s investment alert designation, signals heightened risk and potential liquidity concerns. Historically, similar regulatory warnings and operational halts have led to immediate selling pressure, resulting in price dips. While the long-term impact depends on how quickly the Synthetix ecosystem can address the sUSD peg issues, immediate caution among investors is likely to drive volatility and a potential decrease in SNX’s market price.
Sources
Upbit and Bithumb suspend Synthetix token deposits citing sUSD risks
Cointelegraph
24.04.2025 10:18
Upbit suspends deposit on SNX after DAXA issues warning on April 24
crypto.news
24.04.2025 10:49
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