In South Korea, the leading crypto exchange Upbit has announced a temporary suspension of operations with Pocket Network (POKT) tokens in preparation for a network upgrade.
Understanding the Upbit POKT Suspension
Upbit has confirmed a temporary suspension of POKT operations starting August 12, 2024, at 09:00 UTC. This measure is taken to ensure the security of user assets and maintain the integrity of transactions during the network upgrade. Users will not be able to deposit new POKT tokens to their Upbit accounts or withdraw existing POKT tokens after the specified time.
Reasons for the Pocket Network Upgrade
The Pocket Network upgrade aims to enhance security, scalability, and functionality. Such upgrades are crucial for improving overall efficiency and stability. Although specific details of the upgrade have not been disclosed in Upbit’s announcement, they generally include performance optimizations and vulnerability fixes.
Impact on POKT Operations
The suspension of POKT operations directly affects users who frequently move their tokens. If you plan to deposit or withdraw POKT, you must complete these transactions before August 12, 09:00 UTC. Attempts to transact after this time will likely be rejected or delayed until services resume. It is advisable to stay updated with Upbit's official notifications.
The Upbit POKT suspension is a standard procedure to facilitate a significant upgrade of the Pocket Network. While it may require users to adjust their immediate plans, such upgrades ultimately contribute to a more secure infrastructure.
