Resumption of Cosmos (ATOM) Deposits and Withdrawals Announced
Upbit, recognized as a leading global digital asset exchange, has successfully conducted a review of its stable deposit and withdrawal services. The exchange has now resumed support for transactions involving Cosmos (ATOM), allowing both deposits and withdrawals to take place. Furthermore, users can now apply for Cosmos (ATOM) staking services as well.
Scheduled Suspension Due to Network Upgrade
Upbit has announced a temporary halt in deposits and withdrawals for Cosmos (ATOM) starting from February 12, 2025, at 18:00 KST. This suspension is necessary to facilitate a scheduled upgrade of the Cosmos network, and services will remain paused until the network’s stability is confirmed. Users will be informed when normal operations resume.
Details on Temporary Suspension of Services
The suspension of Cosmos (ATOM) services is a precautionary measure related to the network upgrade. During this period, both deposits and withdrawals will be unavailable, and users will also be unable to initiate staking applications for Cosmos (ATOM). The suspension will last until the network is deemed stable, with updates provided through official announcements.
Important Precautions for Users
Users are advised against depositing ATOM during the suspension, as such transactions may not appear in their Upbit accounts, and recovery of these funds may not be possible. Additionally, the procedures for returning deposits related to Cosmos (ATOM) will be temporarily paused, with processing to resume after services reopen. Delays may occur in transaction confirmations on the blockchain due to potential network congestion.
Clarifications on Deposits and Withdrawals
It’s important to note that while some transactions on the blockchain may be processed around the time of the suspension, Upbit cannot guarantee normal processing during this period. Any deposits or withdrawals completed during the inspection phase will be handled sequentially once services are reinstated. In the event of any unexpected inspections, similar delays will apply.
Impact on Staking Applications
During the suspension, users will not be able to apply for Cosmos (ATOM) staking. However, they can still process unstaking requests, which will be reflected in their accounts once deposits and withdrawals are resumed. It’s worth noting that staking rewards and validator operations managed by Upbit will continue unaffected by the suspension.
Frequently Asked Questions
Despite the temporary suspension of ATOM deposits and withdrawals, trading for the asset remains uninterrupted. Upbit is committed to collaborating with the Cosmos project team to ensure the safety of user assets. Any updates or changes regarding the status of deposit and withdrawal support will be communicated promptly. Users are reminded that virtual assets carry significant risks, potentially leading to total or partial investment losses.
