Coinone delists Aria Protocol after token falls 99% from first-day high

A token that reached 143.3 won on its first day of trading was worth 0.63 won ten months later. South Korean exchange Coinone said on the afternoon of Sept. 28 that it will end trading support for Aria Protocol (ARIAIP), effectively delisting it. Trading against the Korean won ends at 3 p.m. KST on Oct. 28, and withdrawals will be processed until 3 p.m. on Nov. 27.

A 111.6-won reference price and a six-hour delay

Coinone announced on Nov. 18, 2025, that it would add Aria Protocol to its Korean won market. Trading was due to open at noon on Nov. 19, but that morning Coinone pushed the start back to 6 p.m., saying "securing the minimum liquidity needed to open trading" had been delayed. The reference price was 111.6 won, and the supported network was Story.

Coinone described the project as a business that puts intellectual property (IP) such as music, art, characters and screenplays on the blockchain as real-world assets (RWA, tokens representing assets in the physical world), so that anyone can invest and share in the returns. Right after the listing, Coinone also ran an airdrop of the token to holders of Story (IP). Based on a snapshot (a record of holdings) taken at 10 p.m. on Nov. 5, it distributed the tokens on Nov. 25 at a rate of 0.04594 ARIAIP per IP.

From 143 won to 0.44 won: ten months on Coinone's chart

Daily candles from Coinone's public market data API show a first-day high of 143.3 won and a close of 97.95 won, with trading value of about 180 million won. On Nov. 21, when Coinone held a trading promotion for the token called "Coinone Day," daily trading value swelled to about 34.6 billion won.

The price then fell every month through June. Based on closing prices at the start of each month, it was 60.5 won on Dec. 1, 40.7 won on Jan. 1 this year, 14.39 won on March 1, 4.32 won on April 1 and 1.446 won on June 1. On June 29 it closed below 1 won for the first time, at 0.8551 won. Trading also dried up: total trading value for all of August came to about 1.78 million won, and no trades took place on 13 of the month's 31 days.

On Coinone's hourly candles, the lowest price was 0.44 won, set in the 10 p.m. hour on Sept. 14, the day the token was given a trading caution designation (a warning label Korean exchanges attach to tokens under review). On Sept. 28, the day of the delisting notice, it briefly jumped to 0.9719 won in the 4 p.m. hour before falling back to 0.6207 won in the 9 p.m. hour. At 11:35 p.m. on Sept. 29 it traded at 0.6301 won, 99.6% below its first-day high and 99.4% below its reference price. Trading value over the previous 24 hours was about 820,000 won, and at the same time the best bid was 0.5406 won and the best ask 0.7 won.

At the same time, the public APIs of Upbit, Bithumb and Korbit showed no Aria Protocol market. Coinone is the only Korean exchange with a won market where the token can be traded, and no ARIAIP trading pair was found on Binance either.

Two-week review ends in delisting

In a notice at 5 p.m. on Sept. 14, Coinone put Aria Protocol under a trading caution designation for about two weeks, and halted deposits from that time. It said that in examining whether the project's virtual asset business was actually being carried out and could continue, it found "numerous shortcomings" and confirmed the potential for harm to users. Coinone said that, depending on the explanations submitted, it could lift or extend the designation or end trading support.

The decision came 14 days later: trading support would end. Coinone said it had closely reviewed whether the grounds for the designation had been resolved but that "no materials were found that would allow a determination that they had been resolved."

What to check before moving tokens to a personal wallet

Coinone said users can still request withdrawals through customer support after the deadline, though fees may apply. Its notice also said that technical support such as mainnet or contract changes and token swaps may stop for tokens whose trading support has ended, and that the schedule could be moved up if required by law or by authorities. Coinone warned that prices of tokens set to lose trading support can move sharply.