Upbit, the largest cryptocurrency exchange based in South Korea, recently shared a new announcement regarding an altcoin called Hifi Finance (HIFI). The popular exchange suspended HIFI deposit services and issued an investment warning about HIFI.

The exchange, which does not find the price movements and performance of Hifi Finance (HIFI) healthy, states that investors should think twice before purchasing HIFI. Upbit had not shared such an announcement before.

As a result of the latest announcement, the altcoin called HIFI has started to decline. With the investment warning, HIFI has lost an average of 14% in value, and if it is delisted from the Upbit exchange in the future, it may experience even greater declines.

The successful cryptocurrency exchange Upbit provided the following information in its warning announcement regarding the altcoin Hifi Finance (HIFI):

"HIFI (HiFi) has been added to the investment warning list, and as a result, deposit services have been temporarily suspended.

HIFI has been added to the investment warning list by the Digital Asset Exchange Association (DAXA).

DAXA can make decisions such as issuing joint warnings, adding to the investment warning list, or terminating trading support in order to protect investors.

Affected Markets: HIFI/KRW, HIFI/BTC

Why did Upbit share the HiFi (HIFI) warning?

Arbitrary changes to important matters without reasonable cause,

Content and scope of changes made to total supply, circulation plan, and business plan,

Questions about the transparency and reasonableness of change procedures,

Numerous deficiencies regarding the project's reality and sustainability

For the above reasons, Upbit has added HIFI to the investment warning list to protect investors." @Hifi Finance