Upbit to Temporarily Suspend ONT, ONG, and MBL Deposits and Withdrawals on Aug. 20

Upbit, one of South Korea’s largest cryptocurrency exchanges, has announced a temporary suspension of deposits and withdrawals for Ontology (ONT), Ontology Gas (ONG), and MovieBloc (MBL) starting at 2:00 p.m. UTC on Aug. 20. The move aligns with an upcoming network upgrade on the Ontology blockchain, a routine but critical maintenance step that requires exchanges to pause token movements to ensure a smooth transition.

Why the Suspension Matters

Network upgrades often introduce changes to consensus mechanisms, smart contract functionality, or token standards. During such events, exchanges temporarily halt deposits and withdrawals to prevent transactions from being processed on outdated or incompatible network versions. For traders, this means a brief window where they cannot move these assets in or out of Upbit, though trading pairs on the exchange typically remain active.

Upbit has not specified the exact duration of the suspension, but similar maintenance windows in the past have ranged from a few hours to a full day. The exchange has advised users to complete any pending transfers before the cutoff time to avoid delays.

Background on Ontology and Related Tokens

Ontology is a high-performance, public blockchain designed for decentralized identity and data solutions. It uses a dual-token model: ONT is the main governance token, while ONG is the utility token used for transaction fees and staking. MovieBloc (MBL) is an Ontology-based project focused on decentralizing the film distribution industry, allowing creators to connect directly with audiences.

This is not the first time Upbit has coordinated with network upgrades. The exchange has a history of issuing advance notices for scheduled maintenance, often publishing details on its official support page and social media channels. Such transparency is part of standard operational practice among major exchanges to minimize user disruption.

What Users Should Know

For ONT, ONG, and MBL holders on Upbit, the key takeaway is to plan ahead. If you need to deposit or withdraw these tokens around the specified time, do so before the 2:00 p.m. UTC cutoff on Aug. 20. After the upgrade is complete, Upbit will resume services, though the exact time may vary depending on network stability.

It’s also worth noting that trading may continue during the suspension, but any pending orders that rely on network transfers could be affected. Users should monitor Upbit’s official announcements for real-time updates.

Conclusion

Upbit’s temporary suspension of ONT, ONG, and MBL deposits and withdrawals is a standard precautionary measure tied to Ontology’s network upgrade. While it introduces a brief inconvenience, it ensures the integrity and security of transactions post-upgrade. Traders and holders should mark the date and adjust their activities accordingly.

FAQs

Q1: Will trading be affected during the suspension?
Trading pairs for ONT, ONG, and MBL on Upbit are generally expected to remain active, but deposits and withdrawals will be paused. Users should verify the status of their specific trading pairs on the exchange platform.

Q2: How long will the suspension last?
Upbit has not announced a specific end time. Typically, such suspensions last until the network upgrade is verified as stable, which could take several hours. Check Upbit’s official channels for updates.

Q3: What should I do if I have pending transactions?
If you have pending deposits or withdrawals, complete them before the 2:00 p.m. UTC cutoff on Aug. 20. Any transactions initiated after that time will likely be processed once services resume.