UPBIT, a leading South Korean cryptocurrency exchange, announced the temporary suspension of Cosmos (ATOM) deposits and withdrawals from 18:00 KST on February 12, 2025, for a planned network upgrade.
This suspension occurs as a routine measure to maintain asset security and aligns with Korean regulatory guidelines, with trading activities continuing unaffected.
UPBIT Aligns with Regulatory Mandate Amid Upgrade
UPBIT has announced a temporary suspension of Cosmos (ATOM) transactions, aligning with the scheduled network upgrade. This routine process aims to ensure the security and integrity of digital assets during technical updates.
The main players involved are UPBIT and the Cosmos development team. UPBIT’s decision to suspend ATOM deposits and withdrawals complies with Korean regulatory requirements, guaranteeing asset protection amidst network changes.
Cosmos Transactions Halted; Trading Remains Unaffected
The suspension specifically affects Cosmos (ATOM) tokens, pausing deposits and withdrawals. Trading remains unaffected, reflecting UPBIT’s commitment to user convenience despite technical shifts.
The suspension is a proactive step to shield users during network upgrades, often causing minimal financial disruption. Prior experiences indicate that such events rarely impact price or liquidity unless technical issues arise.
This suspension is in line with Korean regulatory guidelines (Virtual Asset User Protection Act Enforcement Decree Article 17).” – Upbit Official Announcement, Cryptocurrency Exchange, Upbit
Past Upgrades Show Resilient Market Responses
Similar suspensions in past Cosmos upgrades showed a return to normal operations after network stability confirmation. This process is consistent across other exchanges like BIT and BloFin, reinforcing its routine nature.
Experts highlight that network upgrades often lead to temporary transaction halts to ensure security, adhering to safety protocols without substantial market impact. This repeated pattern solidifies the industry’s approach to safeguarding assets.
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