Upbit, one of South Korea’s leading cryptocurrency exchanges, has temporarily suspended deposits and withdrawals for some altcoin projects due to technical problems. In the official statement made on November 2, it was reported that there were node synchronization problems for Lisk (LSK), Brett (BRETT) and CARV assets, so transactions cannot be made in these assets. In addition, it was announced that the withdrawal transactions of the asset called Plian (PI), which the stock exchange announced that it will no longer support, will be stopped. Upbit stated that it plans to restart operations after the stability of the systems is ensured. Here are all the details…
Upbit made worrying statements for 3 altcoins
South Korea-based cryptocurrency exchange Upbit announced in its official statement on November 2 that deposits and withdrawals of crypto assets named Lisk (LSK), Brett (BRETT) and CARV were temporarily suspended due to node synchronization issues. Additionally, Upbit said it no longer provides trading support for the asset called altcoin Plian (PI). He noted that this altcoin project does not support deposits. Withdrawals for this asset will also be stopped. Upbit stated that the transactions of the assets in question will be restarted after verification that the systems are stable.
Lisk is changing hands at $0.76 at the time of writing. Cryptocurrency is trading with a 0.5 percent decrease in the last 24 hours. It reached its highest level of $0.789 during the day. Brett is currently at $0.086. Meme coin lost 3.92 percent in value in the last 24 hours. It rose up to $0.93 during the day. CARV, on the other hand, is traded at $0.72. Altcoin experienced a 0.45 percent increase in the last 24 hours. Plian, on the other hand, lost a large amount of value after Upbit stopped withdrawal transactions. PI coin experienced a 10 percent decline. At the time of writing, it is changing hands for $0.00050.
Upbit’s importance in the crypto market
This development created some uncertainty for Upbit users. But the stock market has an experienced track record of dealing with such situations. Upbit, one of South Korea’s largest cryptocurrency exchanges, entered the market in 2017 and quickly gained a strong position in the industry. However, it is also known that BTC and altcoin exchanges have encountered similar technical and security problems in their history. Upbit has grown rapidly and gained a global user base thanks to its partnership with American cryptocurrency exchange Bittrex in October 2017. The rapid rise of the stock market has made it one of the most preferred platforms worldwide.
2018 has been a challenging period for Upbit. The exchange’s headquarters were raided in May amid fraud investigations by the South Korean government, and three Upbit officials were charged shortly thereafter for allegedly placing fraudulent orders. Although this situation shook the reputation of the altcoin exchange Upbit, it caused the exchange to take more serious steps on security issues. Now, the exchange is causing huge increases in the prices of the coins it lists. During the delisting process, it can cause huge losses in value.
