Upbit Halted: ATOM Deposits and Withdrawals Suspended for Cosmos Network Upgrade

South Korean cryptocurrency exchange Upbit has announced that it will suspend deposits and withdrawals for ATOM, the native token of the Cosmos network, on August 5. The suspension is scheduled to begin at 9:00 a.m. UTC and will last until the completion of the Cosmos network upgrade.

The move aims to prevent stuck or lost transactions during the upgrade process, which can cause issues with balance reporting and potentially result in lost funds. Users are advised to complete any pending ATOM transactions before the cutoff time to avoid delays.

While trading of ATOM may continue on the platform, the inability to withdraw or deposit could affect arbitrage strategies or timely transfers to other wallets or exchanges. Users should plan accordingly and monitor Upbit's announcements for the resumption of services.