Bonk (BONK) skidded more than 7% during Monday's trading session, dropping to $0.00000318, in line with broader weakness across the cryptocurrency market. Amid that slide, South Korea's Upbit exchange, one of the country's largest crypto platforms, announced it is removing the meme coin from its platform altogether.
Upbit cites unresolved security and wallet risks
Upbit said a review of BONK turned up several red flags that could not be fixed in time, including security breaches on the token's network that were never fully explained, such as past hacking incidents. The exchange also flagged unresolved issues with the digital asset's wallet infrastructure and the distribution ledger used to mint and store the token, concerns serious enough that Upbit decided a full delisting was warranted rather than a temporary restriction.
This isn't a sudden move. Upbit first tagged BONK as a caution trading item back on July 7, giving the project time to address the exchange's concerns. Under Upbit's own termination policy, tokens that remain flagged without resolving the underlying issues face removal, and BONK's problems apparently stayed unresolved through that window, triggering the delisting decision now.
Trading stops Monday, withdrawals allowed until October 7
From Monday, investors on Upbit will no longer be able to buy or sell BONK on the exchange. However, the platform will keep withdrawals open until October 7, giving holders roughly a month-long window to move their coins off the exchange. Deposits, meanwhile, have already been suspended and will stay that way, and Upbit has specifically warned users against sending any BONK to the exchange during this period since those funds would not be credited.
Mantra also lands on Upbit's watchlist
BONK isn't the only token facing new restrictions from the exchange. Upbit has separately classified Mantra (MANTRA) and its related trading pairs as a caution item as well, temporarily halting both deposits and withdrawals for that token while it carries out a similar review. That points to a wider tightening of scrutiny at the exchange rather than a decision aimed at BONK alone.
What the charts say about Bonk's next move
Despite the delisting news, Bonk's technical picture is not entirely one-sided. The Relative Strength Index (RSI) is sitting at 55, drifting down toward the neutral 50 level, a sign that selling pressure is starting to build and bears are gaining a firmer hold on the token's short-term direction.
At the same time, the Moving Average Convergence Divergence (MACD) is still holding above its signal line, and its histogram remains in positive territory, both of which point to underlying momentum that leans constructive rather than signalling a deeper breakdown just yet. For Bonk to shift that balance back in the bulls' favour, price would need to reclaim the supply zone at $0.00000367; a clean move above that level would open a path toward retesting highs beyond $0.00000400.
For now, though, the delisting headline is overshadowing the chart setup, and the token's ability to hold its recent lows may depend more on how quickly Upbit's users move their funds off the exchange than on pure technical momentum.
