Upbit Pauses Siacoin Deposits and Withdrawals for Hard Fork

The event highlights standard cryptocurrency exchange practices during network upgrades, with regional users reminded to avoid deposits during the pause.

Upbit plans to temporarily halt Siacoin deposit and withdrawal services on June 5 due to an anticipated hard fork. During this period, trading functionality on the platform will remain active, ensuring minimal disruption to users. The hard fork’s objective and detailed technical aspects remain undisclosed by Siacoin’s team. Users have been advised against making deposits during the pause, as these will not be recovered. This aligns with the customary procedure of exchanges during blockchain upgrades to safeguard investment security.

Upbit Management, Upbit, – “Users are advised not to attempt depositing Siacoin during the suspension period as such deposits will not be recoverable.” Source

Upbit’s decision primarily affects its user base in South Korea, a market with over 18 million digital currency investors. These investors are advised to plan their transactions accordingly as only deposit and withdrawal functionalities are paused. While Upbit retains its market leadership in South Korea, the emergence of Bithumb highlights the competitive dynamics within the region’s cryptocurrency exchanges. The overarching goal of these measures ensures network upgrade processes do not compromise digital assets.

The exchange of Siacoin continues uninterrupted during the network upgrade, highlighting the dual focus on maintaining market stability and safeguarding funds. Historical precedents emphasize similar actions taken by exchanges for past upgrades, with a goal to avert potential network disruptions.

The suspension provides insights into the technical preparedness and adaptability of cryptocurrency exchanges in response to network changes. Future expectations may include enhanced protocols to safeguard assets during such technical upgrades, drawing on past experiences for robust frameworks. As South Korea’s digital currency market evolves, these strategically aligned actions reflect a commitment to balancing technological developments with asset security.

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