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South Korea’s top crypto exchanges, Upbit and Bithumb, have halted SNX deposits due to concerns over its unstable stablecoin, sUSD. The token’s value has plummeted amid regulatory warnings and market volatility.
- SNX deposits suspended due to sUSD's depegging, hitting a 5-year low of $0.68.
- Upbit's review under the Virtual Asset User Protection Act may lead to delisting.
- Synthetix founder warns of 'the stick'—penalties—if stakers don’t stabilize sUSD.
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