Attention, cryptocurrency traders! An important announcement from South Korean crypto exchange Upbit requires immediate attention. If you hold or trade the MAGIC token on their platform, there’s a crucial update you need to be aware of regarding deposit withdrawal activity.
Upbit Announces Suspension of MAGIC Token Deposit Withdrawal
Upbit has officially announced a temporary suspension of deposits and withdrawals for the MAGIC token. This measure is being implemented to facilitate a significant technical transition for the token itself. The suspension is set to begin on May 28 at 02:00 UTC.
Why the Halt? Understanding the MAGIC Token Transition
The primary reason behind Upbit’s action is the ongoing transition of the MAGIC token from its native Treasure Chain network to the more widely used Ethereum network. This migration is a complex process that requires exchanges to pause related services to ensure the safe and accurate handling of the token during and after the transition. Such network migrations are common in the evolving blockchain space but necessitate temporary service interruptions.
Impact on Users: What to Know About the Deposit Withdrawal Pause
For users holding MAGIC on Upbit, or those planning to move MAGIC onto or off the exchange, the key takeaway is the impending pause. After the stated time on May 28, you will not be able to deposit MAGIC into your Upbit wallet or withdraw it to an external wallet until the suspension is lifted. This directly impacts your ability to manage your MAGIC token holdings on the platform.
Here are the key details:
- Exchange: Upbit
- Token Affected: MAGIC
- Action: Temporary suspension of deposit and withdrawal services
- Start Date/Time: May 28, 02:00 UTC
- Reason: MAGIC token transitioning from Treasure Chain to Ethereum network
- Impact: Users cannot deposit or withdraw MAGIC on Upbit after the specified time
Navigating This Crypto Exchange Update
If you need to deposit or withdraw MAGIC on Upbit in the near future, it is advisable to complete these transactions before the May 28 02:00 UTC deadline. Upbit will provide further announcements regarding the resumption of deposit and withdrawal services once the MAGIC token’s transition to the Ethereum network is successfully completed and verified by the exchange.
Staying Informed on the Ethereum Network Migration
The move to the Ethereum network could have implications for the MAGIC token’s ecosystem and accessibility in the future. Staying updated through Upbit’s official channels is essential for knowing when services will resume. Users should monitor Upbit’s website and announcements closely for the latest information regarding the MAGIC token and the lifting of the deposit withdrawal suspension.
Summary: Upbit is suspending MAGIC token deposit withdrawal services from May 28, 02:00 UTC, to support the token’s migration to the Ethereum network. Users should plan their transactions accordingly and monitor Upbit’s official communications for updates on service resumption. This highlights the dynamic nature of the crypto exchange landscape and the importance of staying informed about asset transitions.
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