Upbit to Temporarily Halt NEAR Deposits and Withdrawals for Network Upgrade

Upbit to Temporarily Halt NEAR Deposits and Withdrawals for Network Upgrade

Upbit, a prominent South Korean cryptocurrency exchange, has revealed plans to suspend NEAR deposits and withdrawals temporarily due to an upcoming network upgrade scheduled for March 11.

In a press release issued on March 7, Upbit announced the suspension of NEAR deposits and withdrawals, effective from March 11 at 18:00, until the network upgrade is completed and stability is confirmed.

During this suspension period, Upbit has advised users to refrain from depositing NEAR to avoid potential issues. Additionally, the return process for certain tokens will also be temporarily suspended until NEAR deposits and withdrawals are resumed.

The exchange cautioned users about potential delays in deposits even after the suspension period ends, citing network congestion as a possible cause for such delays.

The planned network upgrade for NEAR aims to address scalability threshold issues by implementing a new mechanism for resharding. Additionally, it seeks 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.

This announcement from Upbit comes in the wake of a similar move by Binance, another major cryptocurrency exchange. Binance recently announced the suspension of Solana withdrawals, citing increased transaction volume on the network as the reason behind the decision. While the duration of the suspension remains unclear, Binance has scheduled the implementation of a “long-term solution” for March 9 at 18:00 (UTC).

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