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South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix 
(SNX) tokens after it was flagged by the Digital Asset Exchange Alliance 
(DAXA) for potential risks.
DAXA, the self-regulatory organization establishing industry standards for 
South Korean exchanges, designated SNX as a cautionary item.
Assets receiving this designation typically undergo rigorous evaluations to 
determine whether trading can continue or if delisting becomes necessary.
Exchanges may take action, such as adding a warning tag to the asset and 
urging investors to take caution when engaging with the asset. Trading 
platforms can also perform additional measures, like blocking deposits or 
suspending trading support temporarily.
## Upbit and Bithumb block SNX deposits
In response to the designation, the biggest exchanges in South Korea announced 
that they are blocking deposits for SNX tokens on their platforms.
Upbit announced that it added a trading caution ticker and suspended token 
deposits. The exchange said it had been monitoring the developments related to 
the Synthetix USD (sUSD) depegging. It added that this event may damage 
investors from potential volatility, as SNX is used as collateral for sUSD.
The exchange added that it had determined a lack of use cases for the asset, 
which may cause investors to suffer losses. Upbit said it would conduct a 
comprehensive review to decide whether to delist the asset or resume normal 
operations for the token.
Bithumb has also blocked deposits for SNX and added a cautionary tag for the 
tokens. However, the exchange said this decision could be overturned depending 
on internal circumstances. If the reason for the designation is resolved, 
Bithumb said it would lift the restrictions.
Korbit and Coinone also published investor alerts to caution traders about the 
asset. The two exchanges also added cautionary tags to SNX tokens to alert 
investors who may want to trade the tokens.
Cointelegraph reached out to Synthetix for comment but did not get a response 
by publication.
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## sUSD struggles to recover dollar peg
On April 10, the sUSD stablecoin dropped to a five-year low of $0.83 after 
struggling to maintain its dollar peg in the first quarter of 2025. With the 
stablecoin being collateralized by the project&#8217;s native asset, Cork Protocol 
co-founder Rob Schmitt compared the token to Terra USD (UST), which collapsed 
in 2022. However, Schmitt said that sUSD has a &#8220;more manageable&#8221; debt system.
On April 18, the stablecoin dipped further to $0.68, with SNX falling by 26% 
in a 30-day period. A Synthetix spokesperson told Cointelegraph that their 
team has short, medium and long-term plans to mitigate the risks.
On April 21, Synthetix founder Kain Warwick threatened SNX stakers with &#8220;the 
stick&#8221; if they didn&#8217;t take up a newly launched staking mechanism to fix the 
sUSD depeg. The executive said they may put extra pressure on stakers if they 
don&#8217;t see enough momentum on the newly implemented mechanism.
Since the warning, sUSD prices increased by 27%. On April 24, the stablecoin 
briefly reached $0.87. However, the token still failed to recover its dollar 
peg.
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