Upbit Temporarily Halts ATOM Deposits and Withdrawals Due to Network Upgrade

Upbit Temporarily Halts ATOM Deposits and Withdrawals Due to Network Upgrade

Upbit, one of the leading cryptocurrency exchanges in South Korea, has recently announced that it will be suspending the deposit and withdrawal services for Cosmos (ATOM) starting from 6 PM on August 21st (KST). This suspension is part of a planned network upgrade aimed at improving the stability and efficiency of the ATOM network. According to the official announcement posted on Upbit's homepage, the suspension will affect both deposits and withdrawals of ATOM. Users will not be able to deposit or withdraw ATOM during the upgrade period. Upbit, however, did not specify when the services would resume, only stating that they would provide further updates once the upgrade is complete. ATOM holders on Upbit are advised to complete any necessary transactions before the suspension takes effect. The exchange has also recommended that users monitor Upbit's official channels for updates on the progress of the upgrade and the resumption of ATOM services. This network upgrade is expected to bring several benefits to the ATOM network, including enhanced security, improved transaction processing times, and increased network capacity. As a result, users can anticipate a more stable and efficient ATOM network upon the completion of the upgrade. Upbit has a history of implementing network upgrades for various cryptocurrencies, demonstrating its commitment to providing a secure and reliable platform for its users.