South Korea’s Upbit to Temporarily Suspend NEAR Protocol Transactions on Nov 5

South Korean cryptocurrency exchange Upbit has announced a temporary suspension of NEAR Protocol transactions today due to the upcoming NEAR Network upgrade plan. 

According to the official announcement by Upbit, deposit and withdrawal support will be temporarily suspended starting from 18:00 on November 5, 2024 (Monday) Korea time until the stability of the hard fork is fully confirmed.

Upbit noted, “If you attempt to deposit NEAR after deposit/withdrawal have been suspended, the deposit amount may not be reflected in your Upbit account. The amount may not be restorable. Please refrain from depositing NEAR during the suspension.”

However, Upbit has also notified users that trading of NEAR will continue as usual despite the temporary suspension of deposits and withdrawals.

As per the notice, the process of returning certain digital assets will also be paused and will resume sequentially after the suspension ends. Additionally, platform users should be aware that deposits might experience delays even after the suspension due to possible network congestion, hence, discrepancies may occur between the blockchain confirmation and the actual deposit reflection. Upbit is reportedly working alongside NEAR Protocol team for the safety of users’ assets throughout the upgrade process.

The NEAR Protocol team has notified about the upgrade on its official site, and has informed, “voting for protocol version 72 will start on Tuesday 2024-11-05 10:00 UTC.”

Also Read: Binance Briefly Suspends Sei Network Transactions for Upgrade