The wave of delistings in South Korean crypto exchanges has claimed new victims. Upbit and Bithumb will halt trading for Storj (STORJ), JasmyCoin (JASMY), and ThunderCore (TT) tokens on September 14 at 3:00 PM Korean Standard Time (KST). This closure will trigger the automatic cancellation of all open orders in the order book. Asset holders are still given a window to withdraw their funds from the exchanges, but this window will only last for one month and will officially close on October 14.
The decision to delist these three tokens is a continuation of the routine post-listing review program conducted by Korean exchange authorities. Previously, they also delisted the NKN token for similar reasons. Out of the three new names, the STORJ case marks the legal downfall of the issuing entity.
Bankruptcy Trails Behind the Warnings
Upbit first issued a warning for STORJ on July 28. This date fell exactly two days after Storj Labs officially filed for Chapter 11 bankruptcy protection in the United States federal court in the West Virginia district. The case, registered under number 5:26-bk-00512, was filed to restructure the company’s various past debt obligations.
Storj’s core decentralized storage business is claimed to remain operational amidst the legal proceedings. Court documents also include a proposal to establish a new ownership mechanism for STORJ token holders. Unfortunately, this protection framework has not yet provided certainty for investors regarding voting rights or their final share of the assets.
Why Were JASMY and TT Dragged In?
Following STORJ, two other tokens received warning status from the exchanges on July 31. JasmyCoin was highlighted due to a lack of information disclosure. Exchange operators cast doubt on the JasmyCoin team’s ability to sustain their business model in the long run.
On the same day, ThunderCore was also flagged due to operational issues and token supply circulation. This issue originated from the results of a network governance vote last June. The community approved a change in the block issuance rate from zero to 135 TT per block. This increase in quantity triggered concerns over potential token supply inflation in the secondary market.
ThunderCore strongly rejected the exchange’s reasoning. Management stated that all technical changes and supply impacts had been openly communicated to both Upbit and Bithumb long before the warning was issued.
Asset Evacuation Deadline
The developers’ defense did not change the delisting deadline. Owners of STORJ, JASMY, and TT are now racing against time before trading liquidity completely halts. Traders risk having their funds permanently locked if they are late in moving their assets to private wallets or international exchange platforms before the withdrawal gate closes in mid-October.
Reported from crypto.news.
Read also: How to Read Candlestick for Beginners
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
