Upbit Suspends STX Deposits and Withdrawals After Encountering Technical Issues

Upbit, South Korea's top cryptocurrency exchange, has temporarily halted support for deposits and withdrawals for the Stacks (STX) token.

Upbit, South Korea’s leading cryptocurrency exchange, has announced the temporary suspension of support for deposits and withdrawals of the Stacks (STX) token. This measure follows the occurrence of technical difficulties encountered by Upbit.

As stated in the exchange’s notice, the issue arose with the slow pace of block creation across the Stacks network. To ensure the optimal security of user assets, Upbit has decided to take immediate preventative measures.

Beginning on the morning of May 24, both services for depositing and withdrawing STX have been suspended until the network exhibits stable and consistent block generation.

However, this interruption will not affect the trading of STX, which will continue as usual. Any deposits made during the suspension period may not be fully processed or recoverable, and users are advised to refrain from transactions until services are completely restored.

The block delay is a significant problem for blockchain networks as it hampers the confirmation and recording of transactions. In the case of Stacks, this delay has affected the smooth operation of deposit and withdrawal procedures, leading Upbit to take rapid action in accordance with the Virtual Asset User Protection Act.

Moreover, all refund procedures using STX will be suspended during this time. After the issue is resolved, anticipate a substantial backlog in processing transactions, which will be loaded in sequence following verification. Additionally, discrepancies between confirmation times on the blockchain and wallet updates are to be expected due to varying traffic and technological examinations.

Despite the service limitation, which currently prevents the transfer of STX assets into and out of Upbit’s wallet, users can still engage in buying or selling STX trading pairs on the exchange platform.

The exchange has assured its users that their assets remain safe, and cooperation is ongoing between Upbit and the Stacks development team to restore full service functionality.

Once the stability of the Stacks network is guaranteed, Upbit will issue a subsequent notice and resume both deposit and withdrawal services. Until then, the exchange will continue monitoring developments closely, prioritizing the protection and transparency of user assets amidst these changing circumstances.