[Upbit] Notice on Designation of HiFi (HIFI) as a Cautionary Item

Hello. This is Upbit, the most trusted global standard digital asset exchange.

HiFi (HIFI) has been designated as a cautionary item, and as a result, the deposit service will be temporarily suspended. (Virtual Asset User Protection Act Enforcement Decree Article 17, Paragraph 1, Subparagraph A)

*HiFi (HIFI) has been designated as a cautionary item by the Digital Asset Exchange Joint Consultative Body (DAXA).

DAXA can take joint actions such as urging caution, designating cautionary items, and terminating trading support for investor protection.

Please refer to the detailed reasons for the designation of the cautionary item below, and members holding the relevant digital asset should check the following details.

[Notice on Reasons for Designation of Cautionary Item]

• Target Market: HIFI/KRW, HIFI/BTC

• Reasons for Designation as a Cautionary Item

• Upbit has identified that there are numerous deficiencies in HiFi (HIFI) when comprehensively considering the arbitrary changes of important matters without justifiable reasons according to the best practices for virtual asset trading support, the total issuance of virtual assets, distribution plan, changes in business plans and their extent, transparency and rationality of change procedures, and the reality and sustainability of the business, which may cause user damage. Therefore, Upbit designates HiFi (HIFI) as a cautionary item for investor protection.

• Designation Period for Cautionary Item: March 28, 2025 (Fri) 15:00 KST ~ April 11, 2025 (Fri) 23:59 KST

[Steps After Designation of Cautionary Item]

• Once designated as a cautionary item, Upbit generally conducts a detailed review of the relevant digital asset to determine whether to extend, lift, or finally terminate trading support.

• Upbit plans to conduct a review of the reasons for designation as a cautionary item based on the digital asset trading support termination policy after the designation.

• During the review process, the review period for the designation of the cautionary item may be extended, and if the reasons for designation are not completely resolved, the termination of trading support may be decided.

• If the review period for the designation of the cautionary item is extended or the termination of trading support is decided, a separate notice will be provided, and the exact schedule will be announced through the relevant notice.

• Digital assets designated as cautionary items will not be reflected in deposits after the time of this notice, and all deposits will be subject to return.

• Upbit's designation of digital asset cautionary items and termination of trading support is based on the Digital Asset Trading Support Termination Policy.

[Notice on Temporary Suspension of Deposits]

• Target Digital Asset: HiFi (HIFI)

• Deposit Block Time: March 28, 2025 (Fri) 15:00 KST

• Notice on Resumption of Deposits: To be announced according to the procedures after the designation of the cautionary item

[Precautions Related to Deposits]

• After the suspension of deposit support, deposits of HIFI may not be reflected in the Upbit account, and in such cases, recovery may not be possible. Please be cautious and do not deposit after the suspension of deposit support.

• During the suspension period of deposit support, the deposit return procedure for the relevant digital asset will be temporarily suspended and will be processed sequentially after the resumption of deposit support.

• In the event of a deposit suspension, delays in deposit processing may occur due to reasons such as network congestion, and there may be a difference between the confirmation time of transactions on the blockchain network and the time of deposit reflection.

• Deposits may occur on some blockchain networks before or after the suspension time, but normal processing is not possible during the inspection period according to our wallet system processing status, and processing may be delayed in member accounts as it is processed sequentially after the inspection is completed.

• In the case of unplanned inspections such as wallet inspections or network inspections, deposits may occur on some blockchain networks before or after the notice, but normal processing is not possible during the inspection period according to our wallet system processing status, and processing may be delayed in member accounts as it is processed sequentially after the inspection is completed.

• If any special circumstances arise regarding the resumption of deposit support, we will inform you through this notice.

Upbit will always do its best to ensure safe trading for our members.

Thank you.

※ Virtual assets are high-risk products that can result in the loss of all or part of your investment.

*This information is automatically generated.