South Korea's three leading cryptocurrency exchanges—Upbit, Bithumb, and Coinone—have simultaneously announced the addition of the Drift (DRIFT) token to their delisting watchlists. This coordinated action, announced on April 2, 2026, stems from security concerns related to hacking incidents and abnormal asset outflows detected within the DRIFT protocol.
The exchanges emphasized that their decision was not merely a reaction to price volatility but a response to potential risks affecting the project's technical infrastructure. The issues are reportedly linked to technical glitches involving the DRIFT token itself, wallets managed by its issuing team, or the underlying blockchain ledger. Assets placed on a delisting watchlist undergo a monitoring period; if the project fails to resolve its issues, the token faces complete removal from the platforms.
In a related but separate development, Bithumb resumed withdrawal services for DRIFT on April 2, 2026, following a temporary suspension initiated on April 1 at 6:07 p.m. UTC. The suspension was enacted due to suspected security issues, a standard precautionary measure. The swift resumption indicates the completion of an internal security review and audit.
Remarkably, the suspension triggered a dramatic 125% price surge for DRIFT on Bithumb, with its price in Korean won (KRW) climbing from approximately 107 won to a peak of 241 won (about $0.18). Market analysts attribute this counterintuitive surge to factors including perceived temporary scarcity on the exchange, speculative momentum, and potential arbitrage opportunities. This price action significantly outpaced the broader market, where major assets like Bitcoin and Ethereum showed minimal movement.
Experts note that such security suspensions, while disruptive, reflect evolving industry best practices and South Korea's stringent regulatory environment overseen by the Financial Services Commission (FSC). Bithumb's actions demonstrate a protocol that prioritizes asset safety, a stance increasingly common following past industry heists.
Investors are advised to exercise caution with the DRIFT token, monitor exchange announcements closely, and consider the inherent volatility and concentration risks associated with trading lesser-known assets on specific platforms. The final outcome for DRIFT on these exchanges hinges on the project's ability to promptly and effectively resolve its technical and security challenges.
