Upbit to Halt Deposits and Withdrawals for Five Tokens on Aug. 26

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Upbit to Halt Deposits and Withdrawals for Five Tokens on Aug. 26

South Korean cryptocurrency exchange Upbit has announced a temporary suspension of deposits and withdrawals for five digital assets — NEO, GAS, ONT, ONG, and MBL — scheduled for Aug. 26 at 1:00 p.m. UTC. The exchange cited wallet upgrades on the NEO N3 and Ontology networks as the reason for the maintenance window.

Why Upbit Is Pausing These Tokens

The suspension is tied to network-level upgrades rather than issues with the exchange itself. NEO N3 is the latest iteration of the NEO blockchain, which introduced improved smart contract capabilities, enhanced governance, and higher transaction throughput. Similarly, Ontology’s network has been undergoing continuous development to support decentralized identity and data solutions.

Wallet upgrades are routine but necessary procedures for exchanges to maintain compatibility with protocol changes. During such upgrades, deposits and withdrawals are typically paused to prevent transactions from being processed on outdated wallet versions, which could lead to lost funds or network errors. Trading of these tokens on Upbit will continue as usual during the maintenance period.

What Users Need to Know

Upbit has advised users to plan their transfers accordingly, as the suspension will affect both deposits and withdrawals for the listed tokens. The maintenance is expected to be completed after the network upgrades are finalized, but the exchange has not provided a specific reopening time. Historically, such suspensions last from a few hours to a full day, depending on network conditions.

For traders and investors holding these assets, the key takeaway is to avoid initiating any transfers of NEO, GAS, ONT, ONG, or MBL during the maintenance window. Transactions initiated before the cutoff may be delayed or rejected. Upbit will likely announce the resumption of services via its official channels once the upgrade is complete.

Impact on Market and Users

While temporary suspensions are common in the crypto industry, they can cause short-term liquidity constraints for the affected tokens. However, since trading remains active, price discovery is not expected to be significantly impacted. For users who rely on arbitrage or cross-exchange transfers, the pause could present temporary friction.

This event also highlights the importance of staying updated on exchange maintenance schedules, especially for active traders. Network upgrades are a sign of ongoing development in the blockchain ecosystem, and exchanges must adapt to maintain security and functionality.

Conclusion

Upbit’s suspension of deposits and withdrawals for NEO, GAS, ONT, ONG, and MBL on Aug. 26 is a precautionary measure to ensure wallet compatibility with the NEO N3 and Ontology network upgrades. Users should refrain from transferring these tokens during the maintenance window and monitor Upbit’s official announcements for updates. While the pause may cause minor inconvenience, it is a standard procedure that supports the long-term health of the networks.

FAQs

Q1: Will trading of NEO, GAS, ONT, ONG, and MBL be affected during the suspension?
No, trading will continue normally on Upbit. Only deposits and withdrawals of these tokens are temporarily paused.

Q2: How long will the suspension last?
Upbit has not provided an exact reopening time. It will depend on the completion of the wallet upgrades on the NEO N3 and Ontology networks. Users should watch for official announcements.

Q3: What should I do if I have pending deposits or withdrawals of these tokens?
Transactions initiated before the suspension may be delayed or rejected. It is recommended to wait until services resume and check the status of any pending transactions through Upbit’s support channels.

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