South Korean cryptocurrency exchange Korbit has announced it will terminate its Web3 wallet service at 3:00 a.m. UTC on December 31. After that time, all asset transfers through the Web3 wallet — including withdrawals and transfers — will be permanently disabled, and users are urged to move their holdings to their Korbit exchange accounts or external wallets before the deadline.
Key Dates and Service Changes
Korbit has set a series of cutoff points leading up to the full shutdown. As of today, the exchange has suspended withdrawals on the Silicon network from the Korbit exchange, the creation of new Web3 wallets, and the receive function within the Web3 wallet. These measures take effect at 3:00 a.m. UTC.
After the service ends, existing wallets will only allow balance inquiries through the Korbit app. This means users will no longer be able to send, receive, or transfer assets from their Web3 wallets, making it essential to act before the final cutoff.
Why This Matters for Korbit Users
Korbit is one of South Korea’s oldest cryptocurrency exchanges, and this move reflects a broader trend among centralized platforms reassessing their Web3 offerings. For users, the key takeaway is clear: any assets remaining in the Web3 wallet after December 31 could become inaccessible, as the wallet will only offer a read-only balance view.
The shutdown also highlights the importance of self-custody. Users who wish to retain control of their digital assets should transfer them to a personal external wallet, rather than leaving them on the exchange. Those who prefer to keep funds on Korbit can move them to their exchange account, but should be aware of the platform’s withdrawal suspensions on certain networks.
Implications for the South Korean Crypto Market
This decision by Korbit may signal a shift in how domestic exchanges approach decentralized finance (DeFi) and Web3 integration. While other South Korean platforms like Upbit and Bithumb have also adjusted their services in response to regulatory pressure, Korbit’s move is notable for its clear timeline and user guidance.
Regulatory scrutiny in South Korea has increased around virtual asset services, and exchanges are under pressure to comply with the Virtual Asset User Protection Act. By discontinuing its Web3 wallet, Korbit may be simplifying its compliance obligations while focusing on its core exchange business.
Conclusion
Korbit’s Web3 wallet service will end on December 31, 2025, at 3:00 a.m. UTC. Users must transfer their assets before that time to avoid losing access. The exchange has provided clear instructions and cutoff dates, but the responsibility falls on individual users to take action. This development underscores the evolving landscape of crypto services in South Korea and the need for users to stay informed about platform changes.
FAQs
Q1: What happens to my assets if I don’t withdraw them from Korbit’s Web3 wallet before December 31?
After the shutdown, the Web3 wallet will only allow balance inquiries. You will not be able to transfer or withdraw assets, meaning they could become inaccessible indefinitely.
Q2: Can I still use the Korbit exchange after the Web3 wallet closes?
Yes, the Korbit exchange itself will continue operating. The Web3 wallet is a separate service, and the exchange’s core trading functions remain unaffected.
Q3: Are there any fees for transferring assets from the Web3 wallet to an external wallet?
Korbit has not disclosed specific fees for these transfers. Users should check the platform’s fee schedule or contact support for detailed information.
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