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South Korean Exchanges Halt SNX Deposits Amid sUSD Crisis

4/25/2025

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Summary

Story summary

South Korean exchanges Upbit and Bithumb halted deposits for Synthetix's SNX token after DAXA raised alarms about the shaky sUSD stablecoin. As SNX plummeted by 26%, founder Kain Warwick called on stakers to embrace a new staking system to restore sUSD's stability, warning that further actions may be necessary if engagement doesn't improve.

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Story summary

South Korean exchanges Upbit and Bithumb halted deposits for Synthetix's SNX token after DAXA raised alarms about the shaky sUSD stablecoin. As SNX plummeted by 26%, founder Kain Warwick called on stakers to embrace a new staking system to restore sUSD's stability, warning that further actions may be necessary if engagement doesn't improve.