South Korean crypto exchange Upbit has announced a temporary suspension of deposits and withdrawals for the Polygon network due to an upcoming hard fork.
Reasons for Upbit's Polygon Network Suspension
A hard fork is a significant blockchain protocol upgrade requiring all participants to adopt new rules. The upcoming hard fork for the Polygon network aims to implement improvements ensuring network security and efficiency. Exchanges like Upbit halt services during these events to safeguard user assets.
What the Hard Fork Means for Users
The suspension affects users holding assets on Upbit that utilize the Polygon network. During this period, users will not be able to deposit new assets through the Polygon network or withdraw existing assets. However, trading of these assets on Upbit is expected to continue as usual.
Recommendations During the Suspension
Users can consider the following recommendations during the suspension:
* Stay Informed: Monitor Upbit’s official announcements for updates on the hard fork and service resumption. * Plan Ahead: Adjust your plans if you intended to move Polygon network assets around September 16. * Review Your Portfolio: Use this time to review your cryptocurrency holdings and understand the networks they are on.
Upbit's temporary suspension of Polygon network deposits and withdrawals is a necessary measure for a smooth hard fork transition. Users should keep an eye on official updates about service resumption and rest assured that their assets are secured.
