Upbit Halts ATOM Transactions Ahead of Cosmos Network Upgrade

South Korean cryptocurrency exchange Upbit has announced that it will temporarily halt deposits and withdrawals of ATOM, the native token of the Cosmos network. The suspension is scheduled to begin at 9:00 a.m. UTC on September 2, in preparation for a network upgrade.

The upgrade aims to improve the performance, security, and functionality of the Cosmos network, which is known for its interoperability-focused blockchain ecosystem. During this time, trading of ATOM on Upbit will continue as usual, but users will not be able to move their funds in or out of the exchange.

This suspension is a standard precautionary measure taken by exchanges and validators to prevent processing errors or loss of funds during upgrades. The exact duration of the suspension has not been specified, but it typically lasts anywhere from a few hours to a day, depending on the complexity of the upgrade.