Upbit to Temporarily Halt XLM Deposits and Withdrawals for Stellar Network Upgrade

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Upbit to Temporarily Halt XLM Deposits and Withdrawals for Stellar Network Upgrade

South Korean cryptocurrency exchange Upbit has announced a temporary suspension of deposit and withdrawal services for Stellar (XLM), alongside withdrawals for two related tokens, AQUA and Mobius (MOBI). The scheduled pause, set to begin at 3:30 p.m. UTC on May 6, is attributed to a planned upgrade of the Stellar network.

Details of the Service Suspension

According to Upbit’s official notice, the suspension will affect all XLM deposits and withdrawals. Additionally, withdrawals for AQUA and MOBI, which operate on the Stellar network, will also be temporarily unavailable during the upgrade window. The exchange has not specified the exact duration of the pause but stated that services will resume once the network upgrade is complete and stability is confirmed.

Why the Stellar Network Upgrade Matters

The Stellar network upgrade is a routine but critical event aimed at improving the blockchain’s performance, security, or functionality. For users, such upgrades often require temporary halts in exchange services to prevent transaction errors or asset loss. This type of maintenance is standard across major exchanges and is generally resolved within a few hours to a day, depending on the complexity of the upgrade.

Impact on Traders and Users

For traders holding XLM, AQUA, or MOBI on Upbit, the key takeaway is to plan accordingly. Anyone needing to move these assets before the suspension should do so prior to the 3:30 p.m. UTC cutoff on May 6. After the pause, no deposits or withdrawals will be processed until the exchange reopens the services. Price volatility around such events is possible, though typically limited, as the suspension is temporary and driven by technical improvements rather than market factors.

Conclusion

Upbit’s temporary suspension of XLM, AQUA, and MOBI services is a precautionary measure aligned with a scheduled Stellar network upgrade. Users should expect a brief interruption and monitor Upbit’s announcements for updates on service resumption. The event underscores the importance of network maintenance in the cryptocurrency ecosystem, where exchange operations are directly tied to blockchain health.

FAQs

Q1: Why is Upbit suspending XLM deposits and withdrawals?
Upbit is suspending these services due to a planned upgrade of the Stellar network, which requires temporary halts to ensure transaction safety and network stability.

Q2: How long will the suspension last?
Upbit has not provided a specific end time. Services will resume once the network upgrade is completed and the exchange confirms system stability, typically within a few hours to a day.

Q3: Will my XLM, AQUA, or MOBI funds be safe during the suspension?
Yes. Your assets held on Upbit remain safe during the suspension. Only deposits and withdrawals are affected; trading on the exchange may continue as normal for other pairs.

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