Upbit to Temporarily Suspend PROS Deposits and Withdrawals for Hard Fork Support

South Korean cryptocurrency exchange Upbit has announced a temporary suspension of deposits and withdrawals for Pharos (PROS) tokens, effective June 25. The move is part of the exchange’s support for an upcoming hard fork on the Pharos network.

Suspension Details and Timeline

According to the official notice from Upbit, the suspension will begin at 3:00 a.m. UTC on June 25. During this period, users will not be able to deposit or withdraw PROS tokens from the platform. The exchange has stated that the halt is necessary to facilitate the technical requirements of the Pharos hard fork, which involves a significant upgrade to the network’s underlying protocol.

Understanding the Pharos Hard Fork

Hard forks are fundamental changes to a blockchain’s protocol that render previous versions invalid. They often introduce new features, improve security, or address scalability issues. For token holders, hard forks can sometimes result in the creation of new tokens or require specific actions to ensure their assets remain accessible. Upbit’s proactive suspension is a standard procedure to prevent transaction errors or asset loss during the upgrade window.

What This Means for PROS Traders

Users holding PROS on Upbit should be aware that trading may also be affected during the suspension period. While the exchange typically resumes normal operations shortly after the fork is completed and network stability is confirmed, delays can occur. It is advisable for traders to plan accordingly and avoid attempting transfers around the scheduled time.

Broader Context of Exchange Support for Network Upgrades

Major exchanges like Upbit routinely support network upgrades to maintain a seamless experience for their users. This announcement follows a pattern seen across the industry, where exchanges coordinate with blockchain development teams to ensure smooth transitions. The decision to suspend services reflects a commitment to user asset safety and network integrity, rather than any issue with the PROS token itself.

Conclusion

Upbit’s temporary suspension of PROS deposits and withdrawals on June 25 is a routine but important measure to support the Pharos network’s hard fork. Users should monitor official announcements from both Upbit and the Pharos project for updates on the fork’s completion and the resumption of normal services.

FAQs

Q1: Will my PROS tokens be safe during the suspension?
Yes. Your PROS tokens held on Upbit will remain safe. The suspension only affects deposits and withdrawals temporarily to prevent transaction errors during the network upgrade.

Q2: When will deposits and withdrawals resume?
Upbit typically resumes services after the hard fork is completed and the network is verified as stable. The exact time will be announced by the exchange, often within a few hours to a day after the fork.

Q3: Do I need to do anything as a PROS holder?
In most cases, no action is required from holders on Upbit. The exchange handles the technical aspects of the fork. However, it is always wise to stay updated via official announcements from Upbit and Pharos for any specific instructions.