MANTRA faces a new round of exchange restrictions after Bitget announced plans to eliminate the token’s collateral value and potentially liquidate unpaid loans, while South Korean exchanges Bithumb and Upbit separately confirmed plans to end its trading support. In this November 13 crypto roundup, the developments include Bitget’s November 18–19 margin deadlines, December delistings in South Korea and Bithumb’s separate decision to remove RECALL over unresolved concerns about its development and utility.
The decisions follow an August security incident affecting MANTRA’s blockchain infrastructure. Bitget’s action also creates a seperate exposure for borrowers: an asset losing collateral eligibility can increase liquidation risk across an account even when the token’s market price and the account’s other positions remain unchanged.
Bitget to eliminate MANTRA collateral value by November 19
Bitget announced on November 13 that it will disable MANTRA’s margin and loan functions within its unified trading account, beginning with a suspension of new loans at 10:00 UTC on November 18.
At 10:00 UTC on November 19, the exchange will cancel unfilled leveraged orders involving MANTRA and disable the token’s margin functionality. Outstanding liabilities denominated in the affected asset must be repaid before that deadline or users may face system liquidation and associated losses.
The exchange will also reduce MANTRA’s collateral ratio to zero, ending its eligibility as collateral for institutional loans maintained through unified trading accounts. Bitget warned institutional borrowers to recalculate their loan-to-value ratios and adjust positions before the change takes effect.
Bitget had already reduced MANTRA’s collateral weighting substantially. A September 8 notice established a 10% collateral ratio across most listed balance tiers from September 9, replacing earlier ratios generally ranging from 40% to 60%. The largest tier was already assigned a zero collateral ratio.
The November decision removes the remaining eligible value. Bitget says the reduction will be implemented gradualy, but its latest announcement does not provide intermediate haircut percentages or their exact effective times.
The effect can extend beyond positions directly involving MANTRA. For illustration, $10,000 of MANTRA recognized at a 10% collateral ratio contributes $1,000 toward eligible collateral. When that ratio reaches zero, the $1,000 contribution disappears even if MANTRA’s market price remains unchanged.
A borrower with $8,000 in outstanding loans, $12,000 in other eligible collateral and that additional $1,000 MANTRA contribution would see an illustrative loan-to-value ratio rise from approximately 61.5% to 66.7%. The example assumes no changes in asset prices, debt or other collateral haircuts; actual liquidation thresholds depend on account-specific rules.
The exposure can stay put, but the credit supporting it does not.
The move resembles Bitget’s September removal of margin, lending and other services for 19 trading pairs, although the latest announcement concerns MANTRA’s margin and loan eligibility rather than a confirmed removal of its spot market.
Bitget has not disclosed how many retail or institutional accounts use MANTRA as collateral, the outstanding loan balance supported by the token or the amount of additional collateral customers must provide. Without those figures, the potential liquidation volume cannot be estimated reliably.
Bithumb and Upbit schedule December MANTRA delistings
In a separate November 13 announcement published at 16:00 Korean Standard Time, Bithumb confirmed that it will terminate trading support for MANTRA and RECALL on December 14, 2026, at 15:00 KST.
Withdrawal support for both assets is scheduled to end on January 13, 2027, at 15:00 KST. All unfilled buy and sell orders will be cancelled when trading support ends, including orders submitted through the exchange’s API.
Bithumb attributed its MANTRA decision to a review of follow-up measures, including compensation arrangements, after a security incident involving the distributed-ledger infrastructure associated with the asset. It concluded that MANTRA no longer satisfied its continuing trading-support standards.
The wording does not establish that every affected party was denied compensation, nor does it provide a quantified assessment of unrecovered losses. Bithumb did not disclose specific remediation commitments that failed its review.
Upbit also announced on November 13 that it would terminate MANTRA trading support on December 14 at 15:00 KST, according to the exchange’s official announcement channel. The matching deadlines do not, on their own, establish that the Korean exchanges coordinated their decisions.
Two exchanges, the same December cutoff, and holders now have fewer local trading options ahead.
Bithumb’s MANTRA decision follows an extended review process. On August 21, the exchange designated the token as an investment-warning asset after identifying an unresolved or insufficiently remedied security incident. On October 16, it extended that designation while examining explanations and corrective actions submitted by the project.
The latest decision therefore follows nearly three months of monitoring rather than an immediate response to Bitget’s November announcement.
Bithumb has advised customers intending to move assets to overseas exchanges or personal wallets to register permitted withdrawal addresses early, as verification may take time. Its announcement cites South Korea’s Virtual Asset User Protection Act Enforcement Decree, which provides rules for restricting deposits during a delisting process.
Withdrawal arrangements have a seperate deadline. Bithumb also warns that technical support for delisted assets, including network upgrades, token swaps and hard forks, may become unavailable after support ends.
MANTRA’s August exploit remains central to the review
The Korean decisions follow an August 20 exploit of MANTRA Chain involving an unsigned-integer underflow vulnerability in Cosmos EVM, a software component used by multiple blockchain networks.
According to MANTRA’s August 28 incident report, the attacker transferred approximately 720.9 million MANTRA tokens from a burn address and a legacy multisignature wallet. The project valued those tokens at roughly $3.6 million using its pre-incident reference price.
MANTRA said no customer account balances, validator private keys or governance controls were compromised. The vulnerability allowed unauthorized balance transfers through flawed accounting logic, and the project subsequently halted and restarted the blockchain using patched software.
DaveFinances previously examined the Cosmos EVM exploit affecting six blockchains, including the vulnerability’s earlier discovery and the limited window between publication of a patched release and the first MANTRA attack.
At the time of MANTRA’s post-mortem, approximately 37.96 million of the extracted tokens had been immobilized, while recovery efforts involving exchanges and law enforcement continued. The project distinguished those restrained tokens from funds actually recovered.
The November 13 announcements do not establish whether further recoveries or compensation have occured since the post-mortem. Bithumb’s decision indicates that its assessment of the response was insufficient to retain trading support, without making public the precise deficiencies it identified.
RECALL also loses Bithumb trading support
Bithumb’s decision also covers RECALL, although the exchange gave a different explanation for that asset’s removal.
The exchange said the project’s submitted explanations did not adequately resolve concerns that had prompted its investment-warning designation. Its assessment included the actual progress of the underlying business and the cryptocurrency’s intended purpose, functions and utility.
RECALL faces the same December 14 trading deadline and January 13 withdrawal-support deadline as MANTRA. Bithumb has not identified a security incident or compensation dispute as the basis for RECALL’s delisting.
For MANTRA, the combined announcements illustrate two distinct restrictions taking effect within weeks. Korean spot-market access is being withdrawn following a security-remediation review, while Bitget is removing the token’s ability to support leveraged accounts.
Bitget has previously demonstrated how removing an asset from collateral and lending systems can require account changes beyond ordinary spot trading. Its earlier BGUSD retirement involved forced conversions and loan-related adjustments across different customer account types, although the MANTRA notice specifies collateral and margin restrictions rather than forced spot conversions.
The immediate deadlines are November 18 and 19 for Bitget borrowers, followed by December 14 for Korean exchange trading. Public disclosures still do not quantify the accounts exposed to Bitget’s final collateral haircut or establish whether MANTRA’s recovery measures have satisfied other exchanges that continue to support the asset.
Johan Shamshad is Editor-in-Chief at Dave Finances, covering financial markets, digital assets, trading platforms, brokers, fintech, payments and regulation. Since 2023, he has also worked as an editor at Gulf News, the UAE English-language newspaper published by Al Nisr Publishing LLC. His work focuses on market-moving developments, company disclosures, regulatory changes and trading infrastructure, with an emphasis on primary-source verification and practical context for traders and investors.