Upbit—the largest trading platform in South Korea—has issued an important announcement that will affect all traders holding assets built on the Ethereum network. The platform will temporarily suspend all deposits and withdrawals for tokens operating on the Ethereum network in preparation for a major hard fork.
If you are using Upbit, it is essential to know the schedule for this process to avoid any disruption in your transactions.
What is the reason for stopping Ethereum transactions on Upbit?
Upbit has officially announced that it will stop deposit and withdrawal services for all digital assets operating on the Ethereum blockchain.
This includes popular tokens like ETH and USDT (ERC-20) and others.
The stop will begin at 12:00 PM UTC on December 9.
This procedure is a precautionary step to ensure a safe and smooth transition during the planned upgrade of the Ethereum network, and it is a standard procedure followed by major platforms during large network updates.
Why is this hard fork important?
The hard fork can be considered a major software upgrade for the Ethereum network, where:
Adds new rules and enhancements that are not compatible with the previous version.
Requires all participants—including platforms—to update their systems to comply with the new chain.
The main goals of the hard fork:
🔒 Enhance security
Address vulnerabilities and strengthen the network against attacks.
⚡ Improve efficiency
Accelerate transaction processing and reduce potential costs.
🧩 Add new features
Empower developers to build applications with broader capabilities.
Stopping transfers protects users from losing their funds or sending them to the wrong chain in the event of a temporary split.
What should Upbit users do before December 9?
No need to worry, but you should prepare:
✔ Complete any deposit or withdrawal transactions before 12:00 PM (UTC) on December 9.
✔ You can continue to trade on the platform normally.
✔ Follow official announcements to know when services will be reactivated.
✔ After deposits and withdrawals resume, send a small test transaction before transferring large amounts.
How do platforms handle the hard fork?
Upbit follows standard procedures that include:
Announce the stop in advance.
Take a snapshot of user balances before the hard fork occurs.
Stop transfers to avoid any conflicts between the chains.
Update node systems after the upgrade is completed.
Thoroughly test the new network.
Reopen services once stability and security are confirmed.
This approach ensures the protection of user funds and is a key element in building trust.
What does this mean for the future of Ethereum?
Every successful hard fork brings Ethereum closer to achieving its long-term goals, such as:
Scalability
Security force
Sustainability
Although service interruptions can be annoying, they are a necessary part of the evolution of the Ethereum ecosystem.
Frequently Asked Questions (FAQs)
Q1: Can I trade ETH during the downtime?
Yes. The stop includes deposits and withdrawals only. Trading within Upbit will remain available.
Q2: How long will the stop last?
Upbit has not announced a specific time. Services will resume once the network stabilizes and updates are completed.
Q3: Will I receive new tokens if the hard fork results in a new currency?
It depends on the nature of the hard fork. Upbit will issue a special announcement if there are new tokens.
Q4: Will other platforms also stop?
Yes, it is very likely. Major platforms usually suspend withdrawals and deposits during significant updates.
Q5: Is my money safe on Upbit during the upgrade?
Yes. The stop is a security measure to ensure the protection of your funds.
Q6: What if I try to send a transaction during the stop?
It will often fail or be significantly delayed. Therefore, it is advised to complete any transaction before the deadline.
If you liked this article, share it with your friends on Twitter or Telegram to help them prepare for this important update.
Do you want to translate other articles about Ethereum or cryptocurrencies? Just send the text and I will translate it for you immediately.
