Key Takeaways:
- Upbit halts STX deposits and withdrawals after a critical delay in block generation operations is identified.
- Network instability on the Stacks blockchain prompts precautionary suspension to protect user assets from processing failures.
- Despite the transactional freeze, STX trading on Upbit continues normally, with asset safety remaining a top priority.
Upbit, South Korea’s top cryptocurrency exchange, has temporarily halted support for deposits and withdrawals for the Stacks (STX) token. This comes after encountering technical issues related to slow block creation across the network for Stacks, leading the exchange to undertake prompt preventative measures in order to secure user assets.
According to the official announcement, the suspension began on the morning of May 24 and will continue until the network demonstrates stable and reliable block generation.
While this interruption affects only deposit and withdrawal functions, Upbit has assured users that trading of STX will proceed without hindrance. The exchange emphasized that any deposits made during the suspension may not be properly processed or recovered, urging users to avoid transactions until services are fully restored.
Upbit Freezes STX Withdrawals Without Warning
The block delay is a major problem for blockchain networks since it interferes with confirmation and registration of transactions. For Stacks, this delay has affected the stability of deposit and withdrawal processes, prompting Upbit to take swift action in accordance with the Virtual Asset User Protection Act.
The suspension also made it clear that all refund procedures through STX will be halted during this time as well. Users can anticipate that even after resolving the problem, waiting times will be much longer because following verification, all the transactions will be loaded sequentially.
Besides, inconsistency between confirmation times in blockchain and wallet reflections will be present due to traffic and technological inspections.
Asset Security Maintained Despite Service Interruption
Although the present limitation prohibits the entry and exit of STX assets from Upbit’s wallet, users are still allowed to buy or sell STX trading pairs within the platform.
The exchange assured its users that their assets are always secure, and coordination is under way between Upbit and the Stacks development team for restoring complete service functionality.
Once stability in the Stacks network has been ensured, Upbit will then release a follow-up notice and restore deposit and withdrawal functions. Meanwhile, the site continues to watch developments closely, focusing on safeguarding and maintaining transparency for user assets during continuous disruptions.
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