According to the official announcement from the top Korean cryptocurrency exchange – Upbit, on May 19, two tokens NEM (XEM) and StormX (STMX) were added to the "Trading Attention" list due to numerous issues related to project transparency and development potential.
Specifically, the XEM token was assessed as having significant shortcomings in information disclosure, project sustainability, and community activity level. Meanwhile, STMX was deemed to have not ensured transparency in project information and governance processes. For this reason, Upbit officially added both to the trading risk monitoring list and completely suspended deposit services for XEM and STMX tokens starting from 15:00 local time (13:00 Vietnam time) on May 19.
This is a move aimed at protecting user interests and minimizing risks associated with projects showing signs of non-transparency or operational issues. The restriction period will continue until June 2, 2025. After this point, Upbit will announce an official decision on whether to continue supporting trading or completely delist these two tokens, based on a comprehensive project evaluation.
Upbit also emphasized that during the suspension period, users should not transfer XEM or STMX to wallet addresses on the exchange. Depositing tokens during this phase may lead to asset loss as the system cannot recognize or refund them.
This information once again highlights the importance of transparency and long-term development capabilities for crypto projects, especially when seeking to maintain listing on major exchanges like Upbit.
