Upbit, South Korea’s biggest online asset trading exchange, has suspended deposits and withdrawals for Stacks (STX) temporarily. This came after sustained delays in block production in the Stacks network impacted verification and confirmation of transactions.
The suspension is in an attempt to secure users’ assets and avoid discrepancies in handling transactions across the blockchain network.
The exchange announced this suspension aligns with Article 17, Paragraph 1, Subparagraph 1 of the Virtual Asset User Protection Act.
Users have been urged not to deposit STX during the suspension, as transactions may not reflect in their accounts. Upbit also mentioned that such deposits could be permanently unrecoverable if attempted during this downtime.
The disruption affects deposits and withdrawals alone for STX, while trading runs uninterrupted throughout the site. This makes sure that users still have access to markets, as other functions are halted for accuracy and security procedures.
Upbit coordinates closely with stacks development team
The delay in block generation stems from technical difficulties within the Stacks network’s core operations. Upbit confirmed that refund processes for stuck or pending transactions will resume after verifying network stability.
During the inspection period, the exchange will carry out necessary system checks on its wallet infrastructure and complete pending actions in sequence.
Upbit advised that deposit confirmations may differ from blockchain timestamps due to congestion and backend synchronization. Furthermore, unscheduled maintenance on wallet systems could introduce additional delays in account updates even after the issue resolves.
The Upbit team is collaborating directly with the developers behind the Stacks project for the resolution of the issue. Any update or change in this matter will be communicated through official announcements.
Meanwhile, users should keep an eye on Upbit’s platforms for announcements about the latest updates in regard to their deposit and withdrawal services.
