[Upbit] Notice on Designation of Synthetix (SNX) as an Investment Warning Item

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

Synthetix (SNX) has been designated as an investment warning item, and as a result, the deposit service will be temporarily suspended. (Virtual Asset User Protection Act Enforcement Decree Article 17, Paragraph 1, Subparagraph 1)

*Synthetix (SNX) has been designated as an investment warning item by the Digital Asset Exchange Joint Consultative Body (DAXA).

DAXA can take joint actions such as urging caution, designating investment warning items, and terminating trading support to protect investors.

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

[Notice on Reasons for Designation of Investment Warning Item]

• Target Market: SNX/BTC

• Reasons for Designation as an Investment Warning Item

• Synthetix (SNX) can be used as collateral for the sUSD stablecoin, which is a digital asset intended to be pegged to the value of 1 dollar as an over-collateralized stablecoin. Recently, it is judged that the value of sUSD is not properly pegged to 1 dollar. Upbit has been monitoring the price trend of the sUSD stablecoin, and it is determined that the situation where it is not properly pegged to 1 dollar has not been resolved, and the value of SNX, which is pegged, is rapidly fluctuating, posing a potential unexpected risk to investors.

• Upbit has confirmed that there are many deficiencies when considering the purpose, function, or use of the virtual asset according to the best practices for virtual asset trading support, which may cause potential harm to users. Therefore, Upbit designates Synthetix (SNX) as an investment warning item to protect investors.

• Period of Designation as an Investment Warning Item: April 24, 2025 (Thu) 15:00 KST ~ 5th week of May 2025 (5/26-5/30)

[Steps After Designation as an Investment Warning Item]

• Once designated as an investment warning item, Upbit generally determines whether to extend, lift, or finally terminate trading support for the digital asset through detailed review.

• Upbit plans to conduct a review based on the [Digital Asset Trading Support Termination Policy](https://static.upbit.com/guide/market_policy_close.pdf) regarding the reasons for designation as an investment warning item after designation.

• During the review process, the review period for the designation as an investment warning 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 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 notice.

• Digital assets designated as investment warning items cannot be reflected in deposits after the time of posting this notice, and all deposits are subject to return.

• Upbit's designation of digital assets as investment warning items and termination of trading support is based on the [Digital Asset Trading Support Termination Policy](https://static.upbit.com/guide/market_policy_close.pdf).

[Notice on Temporary Suspension of Deposits]

• Target Digital Asset: Synthetix (SNX)

• Deposit Blockage Time: 2025-04-24 (Thu) 15:00 KST

• Notice on Resumption of Deposits: To be announced according to the procedures after designation as an investment warning item

[Precautions Regarding Deposits]

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

During the period of suspension 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.

• If a deposit suspension occurs, 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 point of deposit suspension, but normal processing is not possible during the inspection period according to the processing situation of our wallet system, and processing may be delayed in reflecting to 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 the processing situation of our wallet system, and processing may be delayed in reflecting to 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 may result in the loss of all or part of your investment.

*This information is automatically generated.