South Korean cryptocurrency exchange Upbit has announced a temporary suspension of deposits and withdrawals for the Pharos (PROS) token, scheduled for July 26 at 3:00 a.m. UTC. The halt is attributed to a planned hard fork on the Pharos blockchain.
Timeline and Scope of the Suspension
According to Upbit’s official notice, the suspension will begin at 3:00 a.m. UTC on July 26. The exchange has not specified an exact end time, noting that services will resume once the hard fork is completed and the network is deemed stable. During this period, PROS trading pairs on Upbit may continue to operate, but users will be unable to deposit or withdraw the token.
Understanding the Pharos Hard Fork
A hard fork represents a significant protocol upgrade that is not backward-compatible with previous versions. For Pharos (PROS), this fork likely introduces new features, security enhancements, or changes to the network’s consensus mechanism. Exchanges like Upbit typically suspend services during such events to prevent transaction errors, replay attacks, or the loss of user funds.
What This Means for PROS Traders
For users holding PROS on Upbit, the key action is to be aware of the timeline. Deposits initiated shortly before the suspension may not be credited until after the fork is complete. Withdrawals requested during the halt will also be queued. Traders who need to move PROS to another wallet or exchange should do so well before the 3:00 a.m. UTC deadline. The resumption of services will be announced by Upbit after the network upgrade is confirmed stable.
Conclusion
Upbit’s temporary suspension of PROS deposits and withdrawals is a standard precautionary measure during a blockchain hard fork. Users should plan their transactions accordingly and monitor Upbit’s announcements for the exact resumption time. The event highlights the operational steps exchanges take to maintain network integrity during protocol upgrades.
FAQs
Q1: Will my PROS tokens be safe during the suspension?
Yes. Your PROS tokens held on Upbit will remain safe and accessible for trading. Only deposits and withdrawals are temporarily disabled.
Q2: Can I still trade PROS on Upbit during the hard fork?
Yes. Trading on Upbit is expected to continue as normal during the suspension. The halt only affects deposits and withdrawals.
Q3: How will I know when services are restored?
Upbit will issue a separate announcement once the hard fork is complete and the network is stable. Users should check Upbit’s official notice board for updates.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
