Upbit and Bithumb Halt SNX Deposits Amid sUSD Volatility Concerns

South Korea’s leading crypto exchanges, Upbit and Bithumb, suspended Synthetix (SNX) token deposits after a warning from the Digital Asset Exchange Alliance (DAXA). The DAXA added SNX to its cautionary asset list due to risks associated with sUSD’s instability. The stablecoin issued by the Synthetix protocol has been plagued by volatility, recently falling to $0.68 and triggering a 26% drop in SNX price, prompting concerns among regulators and market participants.