Upbit Suspends STX and REI Token Deposits and Withdrawals Due to Network Upgrades

The South Korean cryptocurrency exchange Upbit, popular among arbitrageurs, has warned of a temporary suspension of STX token deposit and withdrawal services

Crypto exchange Upbit has announced a temporary suspension of STX token deposit and withdrawal services. The move comes amid problems with the Stacks network, which have led to a delay in the creation of blocks on the Stacks blockchain network (Bitcoin L2).

This, in turn, has made transactions unstable, prompting Upbit to take the step to suspend STX deposits and withdrawals.

However, later the exchange announced that STX deposits and withdrawals have now been fully restored.

Now, deposits and withdrawals of REI tokens have been suspended due to an interruption in block generation on the REI Network. This is due to the network upgrade. Operations with REI have also been suspended Binance (COIN) , Huobi (HBI) and BigONE.

This decision was made to support the hard fork and ensure network stability during the upgrade. The network upgrade includes the introduction of new security mechanisms, including the Jail Mechanism, which automatically suspends validators that violate network rules, for example, skip blocks or try to fork the network

It is expected that deposits and withdrawals will be restored after the upgrade is completed and the network is stabilized.