Upbit Announces Temporary ZETA Token Suspension Ahead of Network Upgrade

Upbit will temporarily halt ZETA token deposit and withdrawal transactions starting June 12th at 09:00 UTC to support the scheduled Zeta Chain network upgrade. Trading on the platform is expected to continue uninterrupted. Users must complete any required transfers before the deadline.

Upbit, a prominent South Korean cryptocurrency exchange, has announced a temporary suspension of ZETA token deposits and withdrawals starting June 12th at 09:00 UTC. This measure is being taken to support the scheduled Zeta Chain network upgrade. Trading activities on the platform are expected to continue uninterrupted during this period.

The suspension aligns with industry-standard practices aimed at ensuring the security and integrity of digital assets during critical network upgrades. By halting deposits and withdrawals, Upbit aims to prevent potential transaction errors or asset loss that can occur during technical transitions. This proactive approach is designed to maintain the security and stability of the Zeta Chain network [1].

According to an official statement from Upbit, the temporary suspension is a strategic move to comply with regulatory standards and prioritize user asset protection. The exchange has emphasized that this measure is in line with the Virtual Asset User Protection Act Enforcement Decree Article 17, which mandates protective actions during network modifications [1].

While deposits and withdrawals are paused, Upbit has assured users that trading of ZETA tokens will continue without disruption. This approach aims to minimize inconvenience for users and preserve market liquidity. Historical data from previous network upgrades indicate that such suspensions rarely affect market prices or trading volumes significantly, provided the upgrade proceeds smoothly [1].

Upbit's decision to suspend ZETA token deposits and withdrawals reflects a commitment to maintaining operational continuity while ensuring asset protection. This measured approach is consistent with the practices of other major cryptocurrency exchanges, which have adopted similar protocols for network upgrades. By adhering to regulatory guidelines and prioritizing user safety, Upbit reinforces its reputation as a reliable platform [1].

The scheduled Zeta Chain network upgrade is anticipated to bring improvements in scalability, security, and performance, potentially attracting greater participation from traders and developers. Upbit's handling of the situation underscores its dedication to minimizing disruption and preparing for future growth. Users are encouraged to complete any required transfers before the deadline to avoid potential disruptions during the upgrade.

References:
[1] https://en.coinotag.com/upbit-may-temporarily-suspend-cosmos-atom-deposits-and-withdrawals-for-network-upgrade/