Upbit Temporarily Suspends Ontology-Based Asset Transfers
On August 31, South Korea's prominent cryptocurrency exchange, Upbit, announced a temporary service suspension. The halt affects deposit and withdrawal services for all digital assets built on the Ontology network, citing ongoing network inspections as the reason.
Affected Assets
The suspension impacts three specific tokens:
- Ontology (ONT): The native token of the Ontology blockchain.
- Ontology Gas (ONG): The utility token used for transaction fees on the Ontology network.
- MovieBloc (MBL): The token for a decentralized film distribution platform built on Ontology.
Service Status and User Guidance
Upbit clarified that spot trading for these assets remains fully operational and is not affected by the transfer suspension. However, the following functions are currently disabled:
- Depositing the aforementioned assets into Upbit wallets.
- Withdrawing these assets from Upbit to external wallets.
- Registration of new deposit addresses and related refund processes.
The exchange issued a clear warning to users: attempting to deposit ONT, ONG, or MBL during this suspension period is risky. Such transactions may fail to be credited and, in some cases, the assets could be irretrievable. Users are strongly advised to refrain from any deposit attempts until service resumes.
Expected Restoration Timeline
The suspension took effect immediately upon the announcement. A specific restoration time has not been provided. Upbit stated that services will be reinstated only after its team confirms the stability and security of the Ontology network, with a follow-up announcement to be made. Users should monitor Upbit's official channels for updates.