Upbit, a leading South Korean crypto exchange, has announced the suspension of deposits and withdrawals for Pocket Network (POKT) tokens due to an upcoming network upgrade.
Reasons for POKT Suspension
Upbit has officially announced a temporary halt to all deposit and withdrawal services for POKT tokens. The suspension began at 9:00 a.m. UTC on September 16. The primary reason is an upcoming network upgrade for Pocket Network. This precautionary measure is aimed at ensuring the security of user funds during significant network changes.
What This Means for Your POKT
If you hold POKT tokens on Upbit, your assets remain secure. The suspension only affects moving POKT in or out of the platform. You can still view your balance and typically trade POKT within the exchange if trading services are not also paused. It is important to:
- Stay informed: Regularly check Upbit’s official announcements for updates on when POKT deposits and withdrawals will resume. - Avoid transfers: Do not attempt to deposit or withdraw POKT during the suspension. - Plan ahead: Adjust any immediate plans to move POKT until services are reinstated.
How to Respond to Exchange Announcements
In the fast-paced world of cryptocurrency, such announcements are common. Network upgrades and maintenance frequently lead to temporary service interruptions. For users, proactive engagement with official sources is always the best approach.
1. Verify the source: Always confirm announcements are from the official exchange. 2. Understand the reason: Knowing why a service is suspended helps gauge its potential duration. 3. Follow instructions: Adhere to any specific guidelines provided by the exchange during the suspension. 4. Be patient: These suspensions are typically temporary and for long-term stability.
The temporary suspension of POKT deposits and withdrawals by Upbit is a standard procedure in response to the upcoming Pocket Network upgrade. While it may cause minor inconvenience, it underscores the exchange’s commitment to asset security. Users are encouraged to monitor Upbit’s official channels for updates and to exercise caution during this period.
