The crypto exchange Upbit has suspended deposits and withdrawals of IOTA due to a network upgrade. This measure is necessary to ensure user safety and protect their assets.
Reasons for the IOTA Suspension
The suspension is caused by an ongoing IOTA network upgrade. Such upgrades are crucial for the evolution and improvement of blockchain technology, involving enhancements in features, security protocols, and scalability. Similar to software updates, certain functionalities need to be temporarily paused to ensure correct installation of updates.
Impact on Deposits and Withdrawals
Users currently cannot send or receive IOTA through the Upbit platform, meaning:
* **Deposits:** It is not possible to send IOTA from an external wallet to an Upbit account. Attempts may lead to lost funds during an unstable network phase. * **Withdrawals:** It is not possible to send IOTA from an Upbit account to an external wallet. This restriction protects users from transactions on incompatible networks or un-updated wallets.
Expectations from Upbit Regarding Exchange Services
Upbit has stated that IOTA operations will resume once the network upgrade is successfully completed and stability is restored. Typically, this involves monitoring by the exchange's technical team to confirm the new network is functioning securely. Users should stay tuned to Upbit's official announcements for timely updates.
The suspension of IOTA operations on Upbit is a necessary step during the network upgrade. While the temporary restrictions may be inconvenient, they aim to protect users' assets. It is essential to stay informed and await official updates from the exchange.
