[Notice Regarding ZETA Network Upgrade]

Due to the upcoming network upgrade of ZetaChain (ZETA), the support for deposits and withdrawals will be suspended from 18:00 (KST) on December 20, 2024 (Friday) until the stability of the network upgrade is confirmed (to be announced later through this notice) (Article 17, Paragraph 1, Subparagraph A of the Enforcement Decree of the Virtual Asset User Protection Act).

Major South Korean cryptocurrency exchange Upbit has announced the suspension of ZetaChain (ZETA) deposits and withdrawals due to an upcoming network upgrade.

According to an announcement on Friday, Upbit will be halting ZETA deposits and withdrawals from 18:00 (KST) on December 20, 2024. The suspension will remain in effect until the exchange confirms the stability of the ZetaChain network upgrade, which will be announced later.

The suspension is being implemented in accordance with Article 17, Paragraph 1, Subparagraph A of the Enforcement Decree of the Virtual Asset User Protection Act, the announcement states.

“We will resume deposit and withdrawal support once the stability of the ZETA network upgrade is confirmed,” Upbit said.

“The timing of the resumption of ZETA deposit and withdrawal support will be updated through this notice. If there are any special circumstances related to the resumption of deposit and withdrawal support, we will inform you through this notice.”

The exchange warned users that any ZETA deposits made after the suspension will not be reflected in their Upbit accounts and may not be recoverable.

“Please be aware of this and do not deposit after the suspension of deposit and withdrawal support,” the announcement reads.

During the suspension period, the deposit return procedure for ZETA will also be temporarily halted and will be processed sequentially after the resumption of deposits and withdrawals, according to Upbit.

The exchange also noted that there may be delays in deposit processing due to network congestion and a time difference between the transaction confirmation on the blockchain network and the deposit reflection.

“Deposits and withdrawals may occur on some blockchain networks before or after the suspension time, but normal processing is not possible during the inspection period according to our wallet system processing situation, and it may be delayed in reflecting on member accounts as it is processed sequentially after the inspection is completed,” Upbit explained.

In addition, ZETA trading will continue to be supported on the exchange without interruption despite the suspension of deposits and withdrawals, the announcement adds.

Upbit also plans to cooperate closely with the ZetaChain team to ensure the safe protection of user assets and will provide updates on any additional changes or developments through the notice.