South Korean exchanges Upbit and Coinone have placed ICON (ICX) and SodaX (SODA) on delisting watchlists, citing unresolved security incidents involving wallets or the distributed ledgers where the tokens are issued, transferred, or stored.
Upbit announced on August 28, 2026 that it suspended ICX deposits and withdrawals after flagging potential hacks involving wallets managed by the virtual asset issuer, operator, or underlying blockchain. The exchange did not disclose specific details about the suspected security breach. Trading may still be available, but a full delisting remains possible if the ICON team does not resolve the concerns within the designated timeframe. Upbit is one of the largest South Korean exchanges by trading volume, making the watchlist decision a serious liquidity risk for ICX. ICON has been active since 2017 and focuses on blockchain interoperability.
Coinone separately announced a delisting review for SODA after confirmed user losses linked to a security incident with an unidentified or unresolved cause. The exchange’s review process typically lasts around 30 days, during which trading may be restricted or suspended. SODA has previously faced scrutiny over low liquidity and governance concerns. The move aligns with tightened South Korean rules: under updated Financial Services Commission guidelines, exchanges must delist assets that pose significant harm to investors, consistent with global standards such as those from the Financial Action Task Force.
The announcements have already pressured ICX’s price, and SODA holders now face elevated uncertainty. While ICX remains listed on other major exchanges, reduced access on Upbit could lower liquidity and increase volatility. Investors are advised to monitor official announcements from the exchanges and the respective project teams.
