South Korean exchanges 'delist' UXLINK... "Compensation plan to be finalized after Chuseok"

UXLINK (UXLINK) will be delisted from domestic cryptocurrency exchanges. UXLINK plans to finalize a compensation plan after the Chuseok holiday.

UXLINK said on the 2nd (local time) via its official X account that "we received notice from the Digital Asset Exchange Joint Consultative Body (DAXA·Daksa) regarding the termination of support for UXLINK based on Arbitrum (ARB)." The Digital Asset Exchange Joint Consultative Body is a voluntary consultative body established in 2022 by the five major domestic exchanges, including Upbit and Bithumb. UXLINK said, "We are communicating with Korean exchanges regarding a new Ethereum (ETH)-based UXLINK swap and compensation plan."

It will also provide compensation to investors. UXLINK said, "We have a large user base in Korea" and "We will compensate in a fair and transparent manner." It added, "Considering Korea's long holiday period, we will do our best to finalize the compensation plan after the holiday."

Earlier, UXLINK temporarily suspended deposits and withdrawals on domestic cryptocurrency exchanges at the end of last month due to a hacking incident. UXLINK says it has worked with major exchanges to freeze most of the assets stolen in the hack.

As of 7:18 p.m. that day, UXLINK was trading on CoinMarketCap at $0.1128, down 5.93% from the previous day. Compared with a week earlier, it is down 1.5%.