Upbit to Temporarily Suspend SEI Deposits and Withdrawals for Network Upgrade

IconCryptoNewsTerminal Staff14 Jun, 2024

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Upbit to Temporarily Suspend SEI Deposits and Withdrawals for Network Upgrade

Upbit, one of the largest cryptocurrency exchanges in South Korea, has announced that it will be temporarily suspending deposits and withdrawals of SEI (SEI) on June 19th at 6pm KST due to a network upgrade. The suspension will affect all SEI transactions, including deposits, withdrawals, and trading. Upbit has stated that the upgrade is necessary to improve the stability and performance of the SEI network. SEI is a decentralized autonomous organization (DAO) that provides financial services on the blockchain. It allows users to create and manage their own financial products. Upbit has not yet announced when the suspension will be lifted. However, it is expected that the upgrade will be completed within a few hours. In the meantime, Upbit users who wish to trade SEI can do so on other exchanges, such as Binance or Huobi.

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