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South Korean exchanges Upbit and Bithumb have suspended SNX deposits after the Digital Asset Exchange Alliance (DAXA) flagged the token as risky. The move follows Synthetix USD (sUSD) losing its dollar peg, raising investor concerns.
- South Korean exchanges Upbit and Bithumb suspended SNX deposits and added cautionary tags following DAXA's risk warning.
- Synthetix USD (sUSD) depegged to $0.68, with SNX falling 26% in 30 days, sparking comparisons to TerraUSD's 2022 collapse.
- Synthetix founder Kain Warwick pressured stakers to adopt a new mechanism, leading to a 27% sUSD price rebound—though it remains below $1.
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