Attention Upbit users! If you hold MANTRA (OM), Metal DAO (MTL), or Oasys (OAS) on the Upbit exchange, there’s an important announcement you need to know about. Planning your next crypto deposit withdrawal? Read on.
What’s Happening with Upbit Deposit Withdrawal Services?
South Korean cryptocurrency exchange Upbit has officially announced a temporary halt to deposit and withdrawal services for three specific digital assets:
- MANTRA (OM)
- Metal DAO (MTL)
- Oasys (OAS)
This suspension is scheduled to begin at 14:00 UTC on June 12. It’s crucial for traders and investors holding these tokens on Upbit to be aware of this upcoming pause in services.
Why is Upbit Implementing This Suspension?
According to the announcement made on Upbit’s official website, the reason behind this temporary measure is scheduled Upbit maintenance related to the wallets holding these specific assets. Wallet maintenance is a standard procedure for cryptocurrency exchanges.
Exchanges undertake wallet maintenance for several key reasons:
- Security Updates: Implementing patches or upgrades to enhance the security of user funds and prevent unauthorized access.
- System Upgrades: Improving the efficiency, speed, or capacity of the wallet infrastructure.
- Technical Issues: Addressing any underlying technical problems affecting deposit or withdrawal functionality.
- Network Forks or Upgrades: Preparing for or adjusting to changes in the underlying blockchain network of the assets.
While inconvenient, these maintenance periods are often necessary to ensure the long-term health and security of the exchange’s operations and user assets. This specific wallet maintenance affects only OM, MTL, and OAS services, not the entire exchange.
Impact on OM MTL OAS Holders on Upbit
If you are holding or planning to move OM, MTL, or OAS on Upbit, here’s what this means for you:
- Deposits: Any attempts to deposit OM, MTL, or OAS into your Upbit wallet after the 14:00 UTC deadline on June 12 will likely not be processed until the maintenance is complete. It’s generally advised to avoid sending funds during a announced suspension period.
- Withdrawals: You will be unable to withdraw OM, MTL, or OAS from your Upbit wallet starting at the specified time. If you need access to these funds or plan to move them to another wallet or exchange, you must initiate the withdrawal before the deadline.
- Trading: Typically, trading of the affected assets on the exchange remains operational during deposit/withdrawal suspensions. However, users cannot move assets in or out of the exchange during this time, which can affect liquidity and trading strategies.
Upbit has not yet specified the exact duration of the maintenance. Users should monitor Upbit’s official announcements for updates on when services for OM MTL OAS will resume.
Actionable Insights for Upbit Users
What should you do if this affects you?
If you need to deposit or withdraw OM, MTL, or OAS on Upbit:
- Act immediately if the deadline is approaching. Complete your transactions well before 14:00 UTC on June 12.
- If you miss the deadline, you will need to wait until Upbit announces the completion of the wallet maintenance and the resumption of services.
If you plan to trade these assets:
- Be aware that price movements could be affected by the inability to move assets in or out of the exchange.
- Ensure you have sufficient funds (in KRW or other supported assets) already on the exchange if you plan to buy, or that your OM, MTL, or OAS are on the exchange if you plan to sell.
Staying informed via Upbit’s official communication channels is the best way to navigate this temporary service disruption.
Summary: Planning Around the Upbit Deposit Withdrawal Pause
Upbit’s temporary suspension of OM, MTL, and OAS deposits and withdrawals for scheduled wallet maintenance is a routine event in the crypto world, albeit one that requires user attention. Starting June 12 at 14:00 UTC, users will not be able to move these specific tokens onto or off the platform.
This Upbit maintenance is necessary for the platform’s health and security. While trading typically continues, the inability to perform a crypto deposit withdrawal for these assets can impact trading strategies. Users holding or planning to transact with OM, MTL, or OAS on Upbit should complete any necessary movements before the deadline and stay updated on Upbit’s official announcements regarding the resumption of services. Plan ahead to avoid inconvenience during this period of Upbit maintenance affecting OM MTL OAS and other related wallet maintenance activities.
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