Upbit, one of South Korea's premier cryptocurrency exchanges, is set to temporarily halt all deposit and withdrawal services for the Hippo Protocol HP token. This decision comes as part of a necessary network upgrade by the Hippo Protocol development team, scheduled to begin on January 28, 2025. The publication provides the following information:
Suspension of HP Token Transfers
The suspension will commence at 9:00 AM UTC, during which users will be unable to transfer HP tokens to or from the Upbit platform. However, trading of HP tokens against the following currencies will remain available:
- Korean Won
- Bitcoin
- Tether
Commitment to User Protection
This proactive approach aligns with industry standards for blockchain maintenance, ensuring that user assets are safeguarded throughout the upgrade process. Upbit's commitment to maintaining a secure trading environment reflects its dedication to user protection and operational integrity.
Arthur Hayes recently expressed his excitement about Upbit's new trading support for Ethena's synthetic stablecoin, USDe, which contrasts with Upbit's upcoming suspension of HP token transfers. For more details, see read more.
