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Korean crypto exchange Upbit has announced the suspension of NEAR deposits and withdrawals due to a network upgrade planned for Mar. 11.
South Korean crypto exchange Upbit said in a press release on Mar. 7 that it plans to temporary suspend deposits and withdrawals for NEAR due to an ongoing network upgrade. The suspension is said to take effect from Mar. 11 at 18:00 until the network stability is confirmed.
During the suspension period, users are urged to refrain from depositing NEAR to avoid any potential issues, Upbit said, adding that the return process for certain tokens will also be temporarily suspended until the deposits and withdrawals for NEAR are resumed.
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“Deposits may be delayed after the deposit/withdrawal suspension due to network congestion, etc and there might be a difference between the completion of blockchain network transaction confirmation and the actual deposit reflection.”
Upbit
The forthcoming upgrade aims to address scalability threshold issues through the implementation of a new mechanism for resharding. It also intends to restrict the creation of non-implicit top-level accounts and adjust the number of block producers and chunk producers on the testnet to facilitate chunk-only producer testing.
The move follows similar effort made by another crypto exchange Binance, which also recently announced the suspension of Solana withdrawals, citing the “increased volume of transactions on the network” as the reason behind the move. Although the duration of the suspension remains unclear, Binance has slated the implementation of a “long-term solution” for Mar. 9 at 18:00 (UTC).
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