South Korean cryptocurrency exchange Upbit has announced a temporary suspension of deposits and withdrawals for Pocket Network (POKT), citing an upcoming network upgrade. The halt will take effect at 9:00 a.m. UTC on June 9, 2025, and is expected to last until the upgrade is completed and the network is deemed stable.
Details of the Suspension
According to Upbit’s official notice, the suspension is a standard precautionary measure to ensure user funds remain secure during the network upgrade process. The exchange has not specified the exact duration of the halt, but similar suspensions typically last between a few hours and a full day, depending on the complexity of the upgrade and the stability of the network after the changes are applied.
Users holding POKT on Upbit are advised to complete any pending transactions before the deadline. Deposits and withdrawals initiated after the cutoff time will not be processed until the suspension is lifted. Trading of POKT on Upbit may continue as normal, but users should verify the current status on the platform.
Implications for Pocket Network and Traders
Pocket Network is a decentralized blockchain platform designed to provide infrastructure for Web3 applications, focusing on decentralized node services. Network upgrades are routine events that introduce improvements, bug fixes, or new features. While such upgrades are generally non-controversial, they can cause temporary disruption for users who need to move tokens between exchanges and wallets.
For traders, the suspension means that arbitrage opportunities or quick exits from POKT positions may be limited during the downtime. Those relying on Upbit for POKT liquidity should plan accordingly. The broader impact on the POKT market will depend on the upgrade’s success and any subsequent announcements from the Pocket Network team.
What Users Should Do
Upbit users holding POKT should take the following steps:
- Complete any necessary deposits or withdrawals before 9:00 a.m. UTC on June 9.
- Monitor Upbit’s official announcements for updates on the resumption of services.
- Check the Pocket Network team’s communication channels for details about the upgrade itself.
Conclusion
Upbit’s temporary suspension of POKT deposits and withdrawals is a routine but important operational measure tied to a network upgrade. While the halt may cause short-term inconvenience for some users, it is a standard practice to protect assets during technical changes. Traders and holders should stay informed through official channels to avoid disruption.
FAQs
Q1: When will Upbit resume POKT deposits and withdrawals?
The resumption depends on the completion and stability of the Pocket Network upgrade. Upbit will announce the exact time once the network is confirmed stable.
Q2: Can I still trade POKT on Upbit during the suspension?
Trading may continue as normal, but deposits and withdrawals will be halted. Check Upbit’s platform for the latest status on trading pairs.
Q3: Is this suspension related to any security issue?
No. Upbit has stated the suspension is solely due to a scheduled network upgrade, not a security incident or vulnerability.
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.
