Upbit Halts Stacks (STX) Deposits and Withdrawals Amid Network Block Delays

• Upbit halts STX deposits and withdrawals citing block generation delays and network instability.
• Users should avoid STX transactions during suspension to prevent potential loss and delays in processing.

According to a recent official announcement, South Korea’s largest cryptocurrency exchange Upbit has temporarily suspended its STX transaction services. This follows after continued delays in Stacks network’s block generation. The suspension remains in effect until the exchange confirms that deposit and withdrawal operations can proceed safely. The decision follows reports of network congestion impacting timely transaction processing.

Upbit action aligns with Article 17, Paragraph 1, Subparagraph 1 of the Enforcement Decree of the Virtual Asset User Protection Act, which mandates precautionary measures to protect users during network irregularities. The suspension applies exclusively to Stacks (STX) tokens.

The exchange stated the suspension will last from the time of notice publication until it verifies that the network has regained stability. Users are strongly advised against depositing STX during this period, as deposits made after suspension might not reflect in user accounts and could become unrecoverable.

Impact on User Transactions

During the suspension, Upbit will pause the refund process related to STX deposits and withdrawals. Refunds for pending transactions will resume only after deposit and withdrawal functions reopen. Users may experience delays in deposit confirmations due to blockchain network congestion and discrepancies between blockchain transaction times and Upbit’s internal processing.

Deposits or withdrawals might still appear on the blockchain outside Upbit’s suspension window. However, the exchange’s wallet system might not process these transactions immediately. Upbit will conduct sequential verification and processing once normal operations restart, which could further delay transaction reflections in user accounts.

Additional Network Maintenance Considerations

According to the notice, surprise wallet or network maintenance could temporarily hinder deposits and withdrawals of Stacks tokens. During maintenance periods that take place simultaneously with the suspension, other processing work will be delayed. Upbit will complete all verification and processing, only updating accounts and resuming trade after the maintenance and before updating members’ accounts.

Upbit cautions users not to deposit Stacks tokens while deposits and withdrawals remain suspended. This precaution helps prevent losses resulting from transactions that do not register correctly in the exchange’s system.

Users need to stay informed by reading any announcements about the restart of STX services. The suspension reveals how delays in the blockchain network can slow down both exchange operations and handling user assets. Upbit wants to secure its users while the Stacks network becomes stable again.

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