Upbit Suspends ATOM Deposits and Withdrawals for Network Upgrade
CryptoNewsTerminal Staff05 Sep, 2024
Upbit Suspends ATOM Deposits and Withdrawals for Network Upgrade
Due to a network upgrade, Upbit, a leading South Korean cryptocurrency exchange, has announced that Cosmos (ATOM) deposits and withdrawals will be temporarily suspended. Upbit stated that the suspension will commence at 19:00 (KST) on September 5th. The exchange did not provide an exact time for the resumption of services but promised to notify users once the upgrade was complete. The affected users are advised to make necessary arrangements before the aforementioned time. Upbit has apologized for any inconvenience caused and has requested users' understanding and cooperation. ATOM, the native token of the Cosmos network, is used for staking, governance, and transaction fees on the blockchain. The network upgrade is expected to bring improvements to its scalability and security.
