Upbit, Bithumb delist STORJ, JASMY, TT on Sept. 14 after warnings

Upbit and Bithumb will end trading support for six STORJ, JasmyCoin and ThunderCore pairs on Sept. 14 after warning issues went unresolved, with withdrawals open until Oct. 14.

"The exchange also confirmed that these issues could potentially result in losses for users," Upbit said in a notice published Friday, citing shortcomings in disclosure of important information, business substance, sustainability and actual progress.

Trading in STORJ/KRW, STORJ/BTC, JASMY/BTC, JASMY/USDT, TT/KRW and TT/BTC stops at 3:00 p.m. KST (06:00 UTC) on Sept. 14, with all open orders canceled. Bithumb set the same cutoff and an Oct. 14 withdrawal deadline. Upbit first placed STORJ under a caution designation on July 28, two days after Storj Labs filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of West Virginia. JASMY and TT received warnings on July 31.

The three tokens slid after the notices. TT fell 6.62 percent, JASMY dropped 5.25 percent and STORJ was down 1.98 percent before a partial recovery, with STORJ at $0.04547 and JASMY at $0.003964 as of the update. ThunderCore's market value sits near $1.9 million after a 57 percent 24-hour drop, while STORJ's market cap is about $19 million and JASMY's roughly $195 million.

STORJ's bankruptcy overhang

STORJ's troubles trace to Storj Labs' Chapter 11 filing, which the company said was meant to address legacy liabilities while keeping its decentralized storage business running. Storj has floated a mechanism that would let token holders participate in the equity of a reorganized business, but any arrangement depends on court approval and respects creditor priority ahead of equity.

ThunderCore disputes the assessment

ThunderCore disputed the exchanges' assessment. In an Aug. 1 statement, the project said plans involving TT had been publicly communicated and that changes to issuance, network parameters and token economics had been disclosed to Upbit and Bithumb. It maintained that "the network, the issuance mechanism, and the project's operational condition remain normal." Both exchanges still proceeded with delisting.

The decisions extend a pattern of post-listing reviews at South Korean venues. Upbit moved to remove NKN after a similar caution review, and the exchange is set to delist BONK effective Sept. 7. Coinone, another major South Korean platform, has extended its delisting watchlist designation for STORJ.

Delisting does not disable the underlying networks or tokens, but it removes the affected markets from two of South Korea's largest venues. Users have until 3:00 p.m. KST on Oct. 14 to move assets to compatible wallets or other exchanges, after which withdrawal support may be limited.

This article is for informational purposes only and does not constitute investment advice.