Upbit halts STX deposits and withdrawals over persistent Stacks blockchain delays.
Refunds for pending STX transactions are paused until deposit and withdrawal functions resume.
Users are advised to avoid STX transactions during suspension to prevent possible loss.
South Korea’s largest cryptocurrency exchange, Upbit, has temporarily halted deposits and withdrawals of Stacks (STX) tokens. The suspension follows persistent delays in the Stacks blockchain’s block generation, leading to concerns over network stability. Upbit will maintain this suspension until it confirms the blockchain operates reliably again, ensuring safe transaction processing for users.
Reason for Suspension and Regulatory Alignment
The suspension is caused by ongoing congestion in the Stacks network, which makes processing transactions slower. Upbit’s step is consistent with Article 17, Paragraph 1, Subparagraph 1 of the Enforcement Decree under the Virtual Asset User Protection Act. As per the regulation, exchanges must implement safeguards during temporary issues on their network to protect people’s assets. As a result, only money put in and taken out using STX is impacted.
Upbit announced the suspension will remain active from the notice's publication until network stability is restored. During this time, users are strongly urged not to deposit STX tokens. Deposits made during suspension risk not appearing in user accounts and could become irretrievable. The exchange has paused refunds related to STX deposits and withdrawals during the suspension. Refunds for transactions pending before the halt will resume once deposits and withdrawals reopen.
Users should expect delays in deposit confirmations because of the Stacks blockchain congestion and differences between blockchain and Upbit’s internal processing times. Transactions occurring on the blockchain may still confirm outside of the suspension window. However, Upbit’s wallet system might delay processing these transactions until normal operations resume. Afterward, the exchange will verify and process transactions sequentially, potentially causing further delays before reflecting in user accounts.
Network Maintenance and Operational Considerations
The announcement also noted that unexpected wallet or network maintenance might coincide with the suspension period. Such maintenance could temporarily disrupt STX deposits and withdrawals further. Processing work will be delayed during these maintenance windows. Upbit commits to completing verification and updating user accounts only after finishing maintenance, then resuming trading activity.
Upbit emphasizes the risk of losses from depositing STX tokens during the suspension. Transactions might not register correctly in the exchange system if submitted in this period, leading to irrecoverable funds. Users should carefully avoid STX transactions until services fully restart. Upbit advises users to monitor official announcements regarding the resumption of STX deposits and withdrawals. This suspension underlines how blockchain network delays can impact exchange operations and the handling of user assets. The exchange prioritizes security and stability until the Stacks network resumes normal function. Users affected by this suspension should remain cautious and avoid depositing STX tokens to prevent potential transaction issues. Upbit's ongoing updates will provide clear guidance on when STX trading services will recommence.
