Upbit Halts ATOM Deposits and Withdrawals for Cosmos Network Upgrade
The South Korean cryptocurrency exchange Upbit has announced that it will temporarily halt deposits and withdrawals for ATOM, the native cryptocurrency of the Cosmos network. This suspension is necessary to accommodate a scheduled network upgrade on September 2 at 9:00 a.m. UTC.
Upbit stated in an official notice that the halt is required to support the network upgrade, which involves changes to consensus rules or protocol parameters. During this period, trading of ATOM may continue, but deposits and withdrawals will be paused to prevent any processing errors or loss of funds.
The Cosmos network periodically undergoes upgrades to improve performance, security, and functionality. These upgrades require validators and exchanges to update their software, and a brief halt in transactions is a standard precautionary measure.