Upbit Temporarily Halts NEAR Transactions Ahead of Network Upgrade
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Upbit, one of the leading global cryptocurrency exchanges, has temporarily suspended deposit and withdrawal services for NEAR Protocol (NEAR) due to an upcoming network upgrade.
This suspension, scheduled to begin on August 26, 2024, is a precautionary measure to ensure the safety and security of users’ assets during the upgrade process.
While NEAR trading on the platform will continue uninterrupted, Upbit has advised users to avoid making any NEAR deposits during this period, as recovery may not be possible if issues arise.
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Upbit recently announced that it will temporarily halt NEAR Protocol deposits and withdrawals due to a scheduled network upgrade that aims to improve the blockchain’s performance and security.
The suspension will begin at 12:00 KST on August 26, 2024, and will remain in place until Upbit confirms the stability of the upgraded network.
The exchange has issued a clear warning to its users: any NEAR deposits made after the suspension begins may not be reflected in their Upbit accounts, and in some cases, recovery of these funds may not be possible.
Additionally, during the suspension, deposit and withdrawal processing will be paused, and any backlog created during this period will be addressed sequentially once services resume.
Despite the suspension of deposits and withdrawals, NEAR trading on Upbit will not be affected.
The exchange reassures users that trading activities will continue as usual,
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