Upbit issues investment warning for HIFI, suspends deposit services, and adds it to trading watchlist

South Korean cryptocurrency exchange Upbit announced today that it has added HIFI to its trading watchlist and suspended deposit services. This move is based on the decision of the Digital Asset Exchange Joint Consultative Association (DAXA) aimed at protecting investors. Upbit stated that there are many uncertainties in HIFI's total issuance, circulation plan, transparency of business changes, and sustainability of projects, which may cause losses to users. The trading observation period is from March 28, 2025 to April 11, 2025 at 23:59 (KST), during which a thorough review will be conducted. After the review is completed, it may be decided to extend the observation period, terminate the observation, or terminate the trading support. Users are advised not to deposit into HIFI during this period, as the deposit will not be processed. If the observation period ends and the rectification requirements are not met, there may be a risk of termination of trading support.