A significant share of crypto assets listed on Korea’s top exchanges has ultimately disappeared, according to The Korea Daily. Reviewing delisted tokens across Upbit, Bithumb, Coinone, GOPAX, and Korbit, the investigation found 315 coins had their trading support removed since 2017—meaning nearly one in three listed coins eventually vanished.
Upbit accounted for the most delistings with 152, followed by Coinone (65), Bithumb (63), GOPAX (21), and Korbit (14). Domestically created “kimchi coins” made up over 30% of all delisted tokens, and in Coinone’s case, over two-thirds were Korean projects.
On average, these coins lasted just over two years before being removed. The most common reasons included project shutdowns, liquidity failures, and price manipulation. Many projects simply stopped operating altogether: about 24% had inactive websites, nearly half had abandoned social media accounts, and code updates often hadn’t occurred for over 20 months. Experts described this pattern as a form of “neglectful exit.”
Listing and delisting rules varied widely across exchanges and were rarely disclosed in detail. In some cases, employees were prosecuted for listing-related misconduct, highlighting serious governance issues and lack of accountability.
These findings underscore the volatility and regulatory gaps in Korea’s crypto markets. While many projects claimed to stand for decentralization and innovation, a large number folded quickly, leaving retail investors with losses and no recourse. Observers say clearer listing standards, mandatory project maintenance, and stronger supervision are urgently needed to protect consumers and restore trust in the market.
