Attention Upbit users holding or trading IOTX! A significant announcement has been made by the South Korean crypto exchange, Upbit, regarding upcoming changes to its IOTX services. It’s crucial to be aware of these changes, especially if you plan any IOTX crypto deposit or crypto withdrawal soon.
What Did Upbit Announce Regarding IOTX Services?
Upbit has officially stated on its website that it will temporarily halt deposit and withdrawal services for the IOTX cryptocurrency. This isn’t a permanent change, but a necessary pause.
The suspension is scheduled to begin promptly at 09:00 UTC on June 18th. This means that from that specific time onwards, users will not be able to move IOTX tokens into or out of their Upbit accounts.
Why is Upbit Suspending IOTX Deposit and Withdrawal?
The reason behind Upbit’s decision is a scheduled technical upgrade on the underlying network. The IoTeX network, which powers the IOTX token, is undergoing a planned hard fork.
Exchanges like Upbit typically suspend deposit and withdrawal services during such network upgrades to ensure the safety and integrity of user funds. This allows them time to monitor the network transition and ensure their systems are compatible with the new chain rules following the IoTeX hard fork.
What Does the IoTeX Hard Fork Mean for the Network?
A hard fork is essentially a significant upgrade to a blockchain network. It involves changes to the network’s protocol that are not backward-compatible. While the specific details of the IoTeX hard fork weren’t provided in the Upbit announcement, such events often introduce new features, improve performance, or enhance security.
During the hard fork process, it’s vital for exchanges and other service providers to pause operations to avoid issues like transactions being lost or tokens being credited incorrectly on incompatible chain versions.
What Should Upbit Users Do About Their IOTX?
If you are an Upbit user and you anticipate needing to deposit IOTX from an external wallet or withdraw IOTX to another wallet or exchange, you must complete these transactions before the deadline. The suspension takes effect at 09:00 UTC on June 18th.
Any attempts to perform a crypto deposit or crypto withdrawal of IOTX after this time will likely fail or could result in loss of funds, although exchanges usually prevent such actions once the suspension is active. It’s always best practice to handle necessary transfers well in advance of the announced cutoff time.
Summary: Stay Informed on Upbit and IOTX
In summary, Upbit is temporarily suspending IOTX deposit and withdrawal services from 09:00 UTC on June 18th. This action is necessary due to a scheduled IoTeX hard fork. Users needing to move IOTX should do so before the deadline. Stay tuned to official Upbit channels for updates on when services will resume after the network upgrade is successfully completed.
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