Upbit and Bithumb Flag WAVES as Caution Token, Halt Deposits and Withdrawals

The coordinated caution designation across Korea's two largest exchanges carries more weight than a single-platform warning, since it signals shared concern over an unresolved wallet or ledger issue rather than routine maintenance. The practical effect is immediate: holders on both venues face a liquidity freeze at the deposit and withdrawal layer, even as the token itself continues to exist elsewhere. Bithumb's Dec. 7–11 review window is the key near-term signal — whether the designation is lifted, extended, or escalated to delisting will indicate how exchanges assess the underlying security question, and whether other venues follow suit is the open question.