Upbit announces temporary suspension of NEAR deposit and withdrawal services
Upbit, a well-known cryptocurrency exchange in South Korea, has revealed its plans to temporarily halt deposits and withdrawals for the NEAR cryptocurrency. This decision comes as part of an ongoing network upgrade that is scheduled to take place on March 11. According to a press release issued on March 7, Upbit stated that the suspension will begin at 18:00 on March 11 and will continue until the network stability is confirmed.
During this period, Upbit strongly advises users not to deposit any NEAR coins in order to avoid potential issues. Additionally, the return process for certain tokens will also be temporarily suspended until deposits and withdrawals for NEAR are resumed.
The upcoming upgrade aims to address scalability threshold problems by implementing a new mechanism for resharding. It also intends to limit the creation of non-implicit top-level accounts and adjust the number of block producers and chunk producers on the testnet to facilitate chunk-only producer testing.
This move by Upbit follows a similar decision made by Binance, another prominent cryptocurrency exchange. Binance recently announced the suspension of Solana withdrawals, citing the increased volume of transactions on the network as the reason for the move. Although the duration of the suspension is still unclear, Binance has set a date of March 9 at 18:00 (UTC) for the implementation of a long-term solution.
In other news, Upbit has flagged SSX tokens following a hacking incident that resulted in the loss of $10.2 million. Users are advised to stay updated by following Upbit on Google News.
