# Upbit and Bithumb Flag WAVES, Suspend Deposits and Withdrawals

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/53899
Published: 2026-11-11T11:47:46.000Z
Updated: 2026-11-11T11:47:46.000Z
Section: Business

> The South Korean exchanges cited a security incident; Bithumb plans to announce Dec. 7-11 whether it will extend the warning, lift it or end trading support.

Upbit and Bithumb, two major South Korean crypto exchanges, have placed WAVES under a trading-warning designation and paused deposits and withdrawals, restricting token transfers through both platforms.

The exchanges cited a security incident involving a WAVES wallet or distributed ledger, with its cause unknown or the issue still unresolved. That concern is the stated reason for the designation, while the immediate restriction is on moving WAVES into or out of the exchanges.

For customers, the effect is direct: WAVES cannot be deposited to or withdrawn from either exchange while the suspension remains active. The restriction applies to transfers through both named venues, limiting access for users who rely on Upbit or Bithumb to move the token.

Bithumb will announce between Dec. 7 and Dec. 11 whether it will extend the warning, lift it or terminate support for WAVES trading. The review therefore has three stated outcomes: keeping the warning, removing it or ending trading support on Bithumb.