Upbit Suspends GAL Deposits and Withdrawals for Rebranding and Token Swap

IconCryptoNewsTerminal Staff08 Jul, 2024

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Upbit Suspends GAL Deposits and Withdrawals for Rebranding and Token Swap

Upbit, a major South Korean cryptocurrency exchange, has announced that it will temporarily suspend deposits and withdrawals of Galaxy (GAL) on July 15th at 11 am (UTC). This suspension is due to the rebranding of GAL to Gravity (G) and the subsequent exchange of tokens. According to Upbit's official website, after the rebranding is complete, 1 GAL will be exchanged for 60 G. The exchange will take place automatically for all GAL holders on Upbit, and no action is required on their part. The suspension of GAL deposits and withdrawals is expected to last for a short period of time, and Upbit will provide updates as they become available. In the meantime, users are advised to refrain from depositing or withdrawing GAL on Upbit until the suspension has been lifted. This rebranding and token swap is a significant event for the GAL ecosystem, and it is expected to have a positive impact on the long-term value of GAL/G. Upbit's decision to temporarily suspend GAL deposits and withdrawals is a prudent measure to ensure a smooth transition during this period.

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