Upbit to Halt MON Deposits and Withdrawals for Monad Network Upgrade

South Korea’s largest cryptocurrency exchange, Upbit, has announced a temporary suspension of deposits and withdrawals for MON, the native token of the Monad blockchain. The halt, scheduled to begin at 11:00 a.m. UTC on July 23, is being implemented to support an upcoming network upgrade on the Monad protocol.

Suspension Details and Timeline

According to an official notice from Upbit, the suspension will affect all MON deposit and withdrawal services. The exchange has not specified an exact end time for the halt, stating that services will resume once the network upgrade is complete and the stability of the Monad blockchain has been verified. Users are advised to monitor Upbit’s announcements for further updates.

Why the Upgrade Matters

The Monad network upgrade is part of ongoing development efforts to improve the blockchain’s performance, scalability, or security features. Network upgrades often introduce changes to the underlying protocol that require exchanges to temporarily pause transactions to ensure compatibility and prevent loss of funds. For MON holders, this means that while trading on Upbit may continue, they will be unable to move tokens to external wallets or deposit new tokens during the suspension window.

Impact on Traders and Users

For active MON traders on Upbit, the suspension primarily affects the ability to transfer assets in and out of the exchange. Those who need to move MON to other platforms or decentralized applications should complete their transactions before the 11:00 a.m. UTC cutoff on July 23. Similarly, users planning to deposit MON into their Upbit accounts should do so ahead of the deadline to avoid delays.

Upbit has not indicated any changes to MON spot trading pairs during the suspension. The halt is limited to deposit and withdrawal functions, which is standard practice for exchanges during network upgrades.

Conclusion

The temporary suspension of MON deposits and withdrawals on Upbit is a routine operational measure tied to the Monad network upgrade. While the interruption may be brief, users should plan accordingly to avoid inconvenience. Upbit’s decision to pause services reflects standard risk management practices to ensure the safety of user funds during protocol changes. The exchange is expected to provide a resumption notice shortly after the upgrade is completed and confirmed stable.

FAQs

Q1: Will MON trading on Upbit be affected during the suspension?
No, Upbit has only announced a halt to MON deposits and withdrawals. Trading pairs involving MON are expected to continue operating normally during the suspension.

Q2: How long will the MON suspension last?
Upbit has not provided a specific end time. Services will resume once the Monad network upgrade is complete and the blockchain’s stability is confirmed. Users should check Upbit’s official announcements for updates.

Q3: What should I do if I need to transfer MON during the suspension?
Complete any MON deposits or withdrawals before the 11:00 a.m. UTC cutoff on July 23. After the suspension begins, these functions will be unavailable until the exchange reopens them following the upgrade.